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 : The Tribunal held that reliance on third-party statements without granting effective cross-examination amounted to a violation of ...
Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
Corporate Law : Details on Indian government's blocking of YouTube channels, citing IT Rules 2021 and Section 69A of IT Act 2000. Learn about reas...
Income Tax : ITAT Bangalore remanded a Section 69A addition after holding that an APMC commission agent's entire sale proceeds could not be tre...
Income Tax : ITAT Bangalore deleted the Section 69A addition after holding that member details established the source of cash deposits made dur...
Income Tax : ITAT held that negative cash balances do not automatically establish undisclosed income and upheld addition only to the peak negat...
Income Tax : ITAT held that penalty under Section 271D cannot survive where the Assessing Officer failed to record satisfaction in the assessme...
Income Tax : ITAT Allahabad held that estimating gross profit solely on the basis of the subsequent years GP rate is not justified after reject...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
The Tribunal held that the reassessment notice issued on 26.07.2022 was beyond the permissible timeline under the surviving limitation principle and therefore lacked legal validity.
Tribunal dismissed a Revenue appeal after finding that additions were made solely on basis of entries in a seized Excel file. It held that presumptions and unverified notings cannot replace concrete evidence.
The ITAT Delhi upheld deletion of a Rs.6 crore addition under Section 68 after finding that the share sale transactions were properly documented and routed through banking channels. The Tribunal held that the Assessing Officer failed to prove that the transactions represented unaccounted income.
Mumbai ITAT held that unsecured loans received through banking channels and fully recorded in books cannot be treated as unexplained money under Section 69A merely on suspicion. The addition and consequential interest disallowance were deleted in full.
Mumbai ITAT held that reassessment notice issued under Section 148 for AY 2015-16 on 31.07.2022 was barred by limitation under Section 149. The Tribunal quashed the entire reassessment proceedings and assessment order.
The Kolkata ITAT held that penalty under Section 271(1)(c) cannot be levied where income addition is based on peak credit estimation. The Tribunal ruled that estimated additions do not automatically prove concealment or inaccurate particulars.
The Tribunal held that merely declaring presumptive income under Section 44AD does not exempt taxpayers from explaining massive bank credits. In absence of purchase records, bills, or confirmations, Section 69A addition was sustained.
The Tribunal held that agricultural land situated beyond notified municipal limits is not a capital asset under the Income Tax Act. It deleted the entire capital gains addition arising from sale of such land.
The Tribunal held that capital introduced in a partnership firm cannot be treated as unexplained merely on suspicion when confirmations, bank statements, and source details are available. The entire addition of ₹29 lakh under Section 69A was deleted.
The Tribunal ruled that participation by a legal heir does not validate notices and assessment orders issued in the name of a deceased assessee. Proceedings must be initiated strictly under Section 159 against legal representatives.
