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...
Income Tax : Explains the centralization of digital platforms, surveillance powers, and opaque governance. Key takeaway: citizens have limited ...
Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : An overview of Sections 68-69D of India's Income-tax Act, which empower tax authorities to assess unaccounted income from unexplai...
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 Indore held that appellate order violated principles of natural justice after finding that key hearing notices were sent to a...
Income Tax : ITAT Rajkot held that cash deposits made during demonetization were fully supported by audited books of account, cash books, and b...
Income Tax : ITAT Hyderabad held that addition of Rs. 13 lakh under Section 69A through rectification proceedings exceeded the scope of Section...
Income Tax : The Tribunal held that the reassessment notice issued on 26.07.2022 was beyond the permissible timeline under the surviving limita...
Income Tax : Tribunal dismissed a Revenue appeal after finding that additions were made solely on basis of entries in a seized Excel file. It h...
Kishan Kothwal Vs ITO (Telangana High Court) HC held that The parameters for making addition under Section 68 of the Act and under Section 69A of the Act, though may appear to be similar, however, is not so; therefore, addition of cash credit under Section 68 of the Act would stand on a different pedestal. […]
Ashish Natvarlal Vashi Vs ITO (ITAT Surat) Conclusion- Cash deposited in bank was transferred to insurance company by way of insurance premium in the name of respective insurer – Assessee acted as facilitator and not the owner of the cash deposited in bank account – Addition not possible under section 69A. Facts- The assessee deposited […]
As per section 68 of the Income Tax Act, any sum found credited in the books of a taxpayer, for which he does not explain the nature and source or the explanation provided by him is not satisfactory by the Assessing Officer is termed as ‘Cash Credit‘. Other provisions to be kept in mind with […]
The instructions of the Board, which are statutory and binding on the revenue, assessing officer has no mandate to tax the cash deposit made in the bank account by the housewife if the amount is less than 2.5 lakh, during the Demonetization Scheme of 2016
CHUHARMAL V. CIT, 2 May, 1988 1988 AIR 1384, 1988 SCR (3) 788 and 172 ITR 250 Section 110 of the Evidence Act provides that where a person was found in possession of anything the onus of proving that he was not the owner was on the person who affirms that he was not the […]
ACIT Vs Yashovardhan Tyagi (ITAT Delhi) he issue in the present ground is with respect to the addition of Rs.20,00,000/- made u/s 69A of the Act. AO made the addition u/s 69A of the Act and treated the amount of Rs.20,00,000/- from M/s. Eagle Home Entertainments Pvt. Ltd. to be as not recorded in the […]
Bajaj Sons Ltd. Vs DCIT (ITAT Chandigarh) We find that a separate surrender of Rs. 97.11 lacs has been made by Shri SB Bajaj Director of the assessee company on account of unexplained cash found during the search action. However, so far as the surrender of Rs. 15 lac to cover any discrepancy is concerned, […]
Cash Deposit Out of Cash Sales treated as Undisclosed Income Under Section 68 & 69A of Income Tax Act, 1961 On the night of 8th November 2016 the honorable Prime Minister of India announced that Rs. 500.00 and Rs. 1000.00 notes will no longer be legal tender. No fresh transaction could be done using these […]
Karan Sharma Vs ITO (ITAT Bangalore) The assessee has explained that Rs.92,54,462 is out of previous withdrawals and sale of garments and pleaded that it is to be excluded from the taxation. The assessee has not furnished any evidence to establish the nexus between the earlier withdrawals and deposits into various bank accounts. In such […]
Legal implications of deposit of Specified Bank Notes (SBNs) vis-à-vis Section 69A of the Income-tax Act, 1961 It has been considerable time since the demonetization of the earlier bank notes of denomination Rs.1,000/- and Rs.5,000/-, also referred to as the Specified Bank Notes (SBNs) was implemented by the Central Government by notification in the Official […]
