Income Tax : Discover the tax implications and rates for undisclosed sources of income under Sections 68-69D of the Income Tax Act, 1961. Learn...
Income Tax : Explore the heavy tax implications on taxpayers for unexplained investments and expenditures under Income Tax Act sections 69 to 6...
Income Tax : Explore sections 68 to 69D of Income Tax Act 1961, covering unexplained cash credits, investments, and more. Learn about legal pro...
Company Law : Unlock the procedural intricacies of share buybacks in private/unlisted companies under the Companies Act, 2013. Explore the signi...
Income Tax : Explore the differences between income tax Sections 68, 69, 69A, 69B, 69C in India, their taxability, and implications. Understand...
Income Tax : Read the full text of the ITAT Mumbai order in DCIT vs. Dilip B. Jiwrajka covering appeals against additions of unexplained income...
Income Tax : ITAT Delhi rules Section 56(2)(vii) inapplicable to non-residents, deleting Rs. 9.31 Cr addition for APL Logistics Vascor Automoti...
Income Tax : Read the full text of the ITAT Delhi order in Durga Fire Work Vs ITO case for AY 2017-18. Learn why Delhi ITAT ruled cash deposits...
Income Tax : Explore the Delhi High Court's judgment on ITSC's conclusive nature for AY, assessing reassessment under Section 148 of the Income...
Income Tax : Understand Parmod Singla Vs ACIT (ITAT Chandigarh) case on excess stock surrendered during survey and its tax implications under ...
Shri Om Prakash Patidar (HUF) Vs ITO (ITAT Indore) Admittedly the appellant has received the amount in question and the amount is duly deposited in the bank account of the appellant and the appellant has failed to satisfactorily explain the source of the said deposits in his bank account and hence the investment in the […]
PCIT Vs M/s. Mohommad Haji Adam & Co. (Bombay High Court) In the present case, as noted above, the assessee was a trader of fabrics. The A.O. found three entities who were indulging in bogus billing activities. A.O. found that the purchases made by the assessee from these entities were bogus. This being a finding […]
ITO Vs Shri Suresh Chand Gupta (ITAT Kolkata) On the basis of evidences filed by assessee its claim was to be allowed where income in question was a bona fide long-term capital gains arising from sale of shares and hence, exempt from tax as there was no material indicating assessee’s nexus with alleged share price rigging. FULL […]
These appeals are filed by the Revenue and cross objections by assessee against the orders of the Ld. Commissioner of Income Tax (Appeals)- 21, Mumbai dated 16.06.2016 for the Assessment Years 2009-10 and 2012-13.
As assessee received salary in cash, his claim that investments were made from such salary could not be brushed aside and keeping in view the overall facts and capacity of the assessee, addition under section 69 was deleted.
Simply because the assessee could not produce the dealers, the entire purchases could not be treated as bogus purchases as AO could have made further investigations to ascertain the genuineness of the transactions.
There is a mistake of getting the information through AIR which was collected by the appellant’s AR from bank. The transaction reported in the AIR was wrongly reported by the department. The AO should inform DGIT(System) to verify such information from the department server and correct it in future.
It was explained by the appellant that the money deposited in the bank account represented cash received from elder son, who was tax payer and the withdrawals in the bank account had a a chronologically progressive linkage of events.
Bijoy Shribastab & Anr. Vs ITO (ITAT Kolkata) It is not in dispute that the assessee had not maintained books of accounts for his transport business. It is not in dispute that the assessee owns less than 10 vehicles and is accordingly entitled to offer income u/s 44AE of the Act. It is not the […]
The assessee is engaged in the business of purchase and sale of matching material for women clothing and she was also running a tailoring centre. For the year under consideration she declared total income of Rs. 1,33,900/- and net agricultural income of Rs. 52,450/-.
