Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
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 : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT held that a registered sale deed without corroborative evidence is not incriminating material and cannot support additions in...
Income Tax : ITAT held that multiplying a seized figure without supporting evidence was unjustified and restricted the Section 69 addition to t...
Income Tax : The Tribunal ruled that proceedings initiated under the old Section 153C framework after the Finance Act, 2021 amendments were leg...
Income Tax : Tribunal held that omission to mention the exact charging provision did not vitiate the assessment where unexplained cash and bull...
ITAT Chennai held that once the nature and source of credit found in the books of accounts is linked to business, then any income generated out of such business activity is assessable under the head income from business and profession alone, but not under the provisions of section 68 of the Income Tax Act.
ITAT Mumbai held that addition u/s. 68 of the Income Tax Act merely based on statement of the key person which was retracted subsequently unsustainable as genuineness, identity and creditworthiness proved.
ITAT Delhi quashes revision order, ruling that additional income surrendered during survey proceedings should not be taxed at 60% under Section 115BBE of the Income Tax Act.
ITAT Ahmedabad directs readjudication of ex-parte assessment orders passed without considering additional evidence filed under Rule 46A of Income Tax Rules.
ITAT Delhi held that as lower authority made ex-parte addition towards unexplained investment u/s 69 of the Income Tax Act matter restored to CIT(A) for denovo adjudication giving last opportunity to assessee to explain source of investment.
ITAT Amritsar held that excess stock found during the survey only be treated as income under the head business income and not as deemed income under section 69B of the Income Tax Act.
Read about ITAT’s decision to direct Tera Naturals Resources Pvt. Ltd. to deposit Rs 25,000 in PM Relief Fund due to non-compliance behavior during appellate proceedings.
ITAT Mumbai held that initiation of reassessment proceedings under section 147 of the Income Tax Act based on the information received from the investigation wing is valid and sustainable in law.
ITAT Amritsar held that once source of surrendered income is proved to be business income, the same cannot be taxed as deemed income under section 69 read with section 115BBE of the Income Tax Act.
In the case of Ekta Garg Vs ITO (ITAT Delhi), the ITAT ruled that addition under Section 68 & 69 of the Income Tax Act cannot be made if the assessee proves the identity and creditworthiness of lenders for property purchase loans.
