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Income Tax : ITAT Delhi held that addition under section 69A r.w.s. cannot be sustained merely on the basis of the statement. There has to be s...
Income Tax : ITAT Jaipur held that provisions of 68 as such are not applicable on the sale transactions recorded in the books of accounts becau...
Chhattisgarh High Court reiterated that if the AO’s view is legally permissible, even if it results in a lower tax liability, the revisional authority cannot invoke Section 263 simply because it disagrees with the AO’s approach.
AO proceeded to finalize the assessment based on available records, as the assessee had still not responded or provided any explanations regarding the unexplained cash deposits. AO added the unexplained cash deposits of Rs. 3,13,34,845/- to the total income.
ITAT Chennai held that cash received under unregistered will accepted as will furnished by the assessee not established as fabricated one by the department and there is no requirement in law to get the will registered.
An enquiry was initiated by Haryana State Tax Department with regard to wrongful availment of Input Tax Credit against assessee-company and also by multiple DGGI Zonal Units.
ITAT Ahmedabad rules that Section 50C applies to sellers, not buyers, and clarifies the retrospective effect of Section 56(2)(vii)(b) on property transactions.
Assessees face 78% tax and 6% penalty for unexplained investments or expenditures under Sections 69 to 69C of Income Tax Act if details are not satisfactorily explained.
The ITAT Jaipur ruled in ACIT vs Naresh Jain, addressing Section 115BBE, unexplained income, and the benefit of telescoping in tax assessments.
ITAT Bangalore held that as per provisions of section 44AA of the Income Tax Act, an agriculturist is not required to maintain books of accounts. Further, revenue has failed to establish anything contrary, accordingly, addition made on this count deleted.
Since the addition pertained to the “receipt of money” from the sale of flats by the assessee and these amounts did not represent the actual receipts in the hands of the assessee, they could not be subjected to tax.
ITAT Jaipur held that there was short gap between three notices issued as say the opportunities granted hence it a fit case were one more opportunity should be granted in the proceedings before CIT(A), to enable the assessee to represent his appeals.