Income Tax : Overview of Income Tax Sections 69A, 69B, on unexplained income, investments, and expenditures. Key cases and interpretations incl...
Income Tax : The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 1...
Income Tax : Recent Chennai ITAT decisions address unexplained income, underreporting, and penalties under Sections 69A, 68, 270A, and 271. Key...
Corporate Law : Assessees face 78% tax and 6% penalty for unexplained investments or expenditures under Sections 69 to 69C of Income Tax Act if de...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : ITAT Chennai held that when cash is sourced out of recorded debtors, provisions of section 69A of the Income Tax Act could not be ...
Income Tax : M/s. GRR Holdings is a firm was incorporated on 31.01.2014 with two partners Shri Gaddam Shyam Prasad Reddy & Shri Syed Fayaz Moha...
Income Tax : ITAT Lucknow held that addition by calculating sales on hypothetical basis and completely ignoring various evidences submitted dur...
Income Tax : ITAT Chennai held that addition under section 69A of the Income Tax Act towards unexplained money not legally sustainable since na...
Income Tax : ITAT Mumbai held that addition under section 69 towards unexplained cash made by the AO without bringing any concrete evidence on ...
ITAT Raipur held that interest income earned is not equal to the percentage of interest expenditure incurred cannot be reason for disqualifying expenditure within the provision of section 57(iii) of the Income Tax Act.
ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on various occasions such as marriages, birthdays, anniversaries, birth of a child, auspicious festivals and other such occasions is common. Accordingly, addition towards unexplained money u/s 69A deleted.
Explore sections 68 to 69D of Income Tax Act 1961, covering unexplained cash credits, investments, and more. Learn about legal provisions and relevant judgments.
ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded and remain non-compliant in explaining his case before the PCIT.
ITAT Delhi held that addition u/s. 69A of the Income Tax Act unsustainable as cash found during search involves cash belonging to the family members and cash belonging to company.
ITAT Delhi held that invocation of revisionary power u/s. 263 of the Income Tax Act unsustainable as Assessing Officer duly carried out all the inquiry before passing assessment order u/s. 143(3) of the Income Tax Act.
ITAT Raipur held that confirmation of addition under section 69A of the Income Tax Act towards unexplained money by CIT(A) in absence of any evidence justified as assessee adopted lackadaisical approach and evaded from participating in proceedings before CIT(A).
ITAT Bangalore held that as income is estimated under section 44AD of the Income Tax Act, so addition under section 68/69A of the Income Tax Act is impermissible.
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 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.
