Income Tax : Discover the tax implications and rates for undisclosed sources of income under Sections 68-69D of the Income Tax Act, 1961. Learn...
Income Tax : Explore the intricacies of gold taxation in India, covering physical gold, paper gold, gold derivatives, inheritance tax, and comp...
Income Tax : Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases....
Income Tax : Explore sections 68 to 69D of Income Tax Act 1961, covering unexplained cash credits, investments, and more. Learn about legal pro...
Income Tax : Explore the differences between income tax Sections 68, 69, 69A, 69B, 69C in India, their taxability, and implications. Understand...
Income Tax : ITAT Indore held that rejection of appeal by CIT(A) on the footing of non-payment of advance tax as required by section 249(4)(b) ...
Income Tax : Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from p...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : ITAT Pune rules in favor of Ashok Ravsaheb Tambe, deleting addition of cash deposits during demonetization, explained as proceeds ...
Income Tax : ITAT Pune remands the case of Suhas Maruti Dhankude for re-adjudication due to non-adjudication of jurisdictional grounds and fail...
Explore the tax implications of undisclosed income from Section 68 to Section 69D. Learn about tax rates, explanations, and conditions to avoid penalties. A comprehensive guide for students.
ITAT Ahmedabad held that invocation of proceedings u/s 153C of the Income Tax Act unsustainable as AO has not put on record that material seized during the course of third party search belongs to the assessee.
ITAT Delhi held that addition under section 69A of the Income Tax Act sustainable on failure to provide reasonable explanation of the sources and justification of heavy denomination cash gifts.
ITAT upheld additions towards cash seized during search proceedings as unexplained money, under Section 69A when assessee could not establish source for amount found.
ITAT Pune held that default in allotting ‘DIN and Order’ results into quashing of the impugned assessment as according to CBDT circular no. 19/2019 dated 14.08.2019 such an order ought to be treated as to have never been issued herein.
Unexplained bank deposits cannot be considered under Section 68 and it falls under Section 69A. However, mentioning a wrong section by AO is not fatal.
Krishna Goyal Vs ACIT (ITAT Delhi) In course of assessment proceedings, the assessee has explained the source of deposits in the bank account to be out of the withdrawals made from the very same bank account. However, the Assessing Officer as well as learned Commissioner (Appeals) have partly accepted the explanation of the assessee only […]
Batuk Vithalabhai Donga Vs ITO (ITAT Rajkot) If addition under section 80U is not made under section 68 or 69, then tax cannot be imposed under section 115BBE Assessee has not challenged the additions made by the AO under section 80U and 80G of the Act, but has only challenged the computation of tax liability […]
Sh. Balwinder Kumar Vs ITO (ITAT Amritsar) Ld. A.O cannot blow hot and cold at the same time by partly rejecting the books of accounts and partly accepted the books of accounts, which is bad-in-law. If the AO rejected the books of accounts, then he can’t rely on the same books of accounts for opening […]
It is pertinent to note that to meet the emergency situation of additional expenses by the assessee the assessee has obtained cash not only from assessee’s father and mother but also the close relative i.e. the maternal uncle, maternal aunt as well as paternal uncle and paternal aunt and the said relation cannot be doubted by the Assessing Officer.
