Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
Income Tax : A doctrinal analysis of unexplained cash credits, investments, and expenditure under Sections 68–69D. Explains burden of proof a...
Income Tax : This covers how unexplained credits and investments are taxed under Sections 68 to 69D. The key takeaway is that additions require...
Income Tax : ITAT held that section 69 cannot be invoked where purchases are duly recorded in books and paid through banking channels, making t...
Income Tax : The ITAT Amritsar held that a valuation report by itself cannot justify addition under Section 69 without evidence of extra paymen...
Income Tax : The ITAT held that stamp duty valuation could not be blindly adopted where the property was affected by BBMP demolition proceeding...
Income Tax : The ITAT Delhi upheld deletion of a Rs.6 crore addition under Section 68 after finding that the share sale transactions were prope...
Income Tax : Delhi ITAT held that investments in immovable properties cannot be treated as unexplained once payments are made through disclosed...
Income Tax : The Tribunal held that entries found in third-party ERP software during a search cannot alone justify unexplained investment addit...
Income surrendered during survey and accounted as business income should not attract section 115BBE rates, clarifying application of sections 69, 69A, and 69B.
The ITAT Nagpur has ruled that income surrendered during a survey from an excess stock of jewelry is business income, not an unexplained investment.
ITAT Mumbai deleted a Rs.7 lakh addition made to a non-resident Indian, ruling that his explanation for property investment was plausible, with funds sourced from NRE account withdrawals and jewelry sales.
An overview of Sections 68-69D of India’s Income-tax Act, which empower tax authorities to assess unaccounted income from unexplained credits, investments, and expenses.
Gujarat HC set aside an income tax reassessment order after the AO failed to consider the taxpayer’s detailed reply, emphasizing adherence to natural justice principles.
The ITAT quashed a reassessment and deleted ₹13 crore in additions, ruling that the initial notice under Section 148 was invalid as it was time-barred.
The ITAT ruled that a CIT(A) must independently verify evidence before deleting a tax addition, even if the AO fails to provide a remand report.
The ITAT Raipur quashed the reopening of an assessment under Section 147, ruling that search-based cases on third-party material must be initiated under Section 153C.
The ITAT Raipur restores Section 10(10D) exemption, ruling the CPC exceeded its powers by making a complex adjustment on an insurance policy’s maturity proceeds.
The Chhattisgarh High Court has granted bail to Aman Kumar Agrawal, accused of fraudulently availing over ₹23 crore in GST input tax credit. The court cited the completion of the investigation and the accused’s cooperation.
