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 issue was whether a notice issued before filing of return satisfies Section 143(2) requirements. The Tribunal held such notice...
Income Tax : The issue was whether third-party diaries using code “DD” can justify 153C action. ITAT held that without clear identification...
Income Tax : The Tribunal held that additions cannot be sustained without incriminating material directly connecting the assessee to alleged ca...
Income Tax : The ruling clarified that unverified electronic records and third-party statements cannot justify additions without proper verific...
Income Tax : The Tribunal held reassessment invalid as the alleged escaped income did not exceed ₹50 lakh required for extended limitation. I...
ITAT Raipur held that entire addition of transaction in the hands of assessee under section 69 of the Income Tax Act as unexplained investment not tenable since the same needs to be allocated between joint beneficial owners. Thus, matter restore back to file of AO.
ITAT Jaipur held that invocation of revisionary proceedings u/s. 263 of the Income Tax Act not sustainable since AO duly verified investment and payment of ESI/PF.
ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for unexplained cash deposits.
ITAT Delhi overturns tax addition in Puja Gupta Vs ITO, ruling that share transactions were genuine. Revenue’s reliance on suspicion and probabilities dismissed.
ITAT Ahmedabad dismisses Revenue’s appeal, ruling notice u/s 148 issued beyond the stipulated period u/s 149(1)(a) in ITO Vs Nishan Govindbhai Thakkar.
M/s. GRR Holdings is a firm was incorporated on 31.01.2014 with two partners Shri Gaddam Shyam Prasad Reddy & Shri Syed Fayaz Mohammed. The main objective of the partnership firm is to carry on real estate business.
No goods had been sold, and forged bills were prepared. Furthermore, no vehicles had passed through toll plazas, and no registration numbers were available. On appeal.
ITAT Chennai held that addition under section 69A of the Income Tax Act towards unexplained money not legally sustainable since nature and source of cash deposits duly explained. Accordingly, addition is liable to be deleted.
ITAT Mumbai held that addition under section 69 towards unexplained cash made by the AO without bringing any concrete evidence on record incriminating the assessee is not sustainable. Accordingly, addition u/s. 69 deleted.
The appellant is engaged in manufacturing of excisable goods falling under chapter 84 and are availing Cenvat credit of duty and tax paid on inputs and input services and are also registered u/s. 69 of the Finance Act, 1994 for discharging their service tax liability.
