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The Tribunal held that cash withdrawn from disclosed bank accounts and duly recorded in books cannot be treated as unexplained money merely due to doubts on utilisation, in the absence of adverse evidence.
The Tribunal held that a penalty order issued after the death of the assessee is void ab initio. Since notices were not served on legal heirs, the penalty under section 271AAC was set aside.
Whether outstanding purchase consideration can be treated as unexplained money. Addition quashed. Takeaway: Deferred payments later settled via banks with TDS cannot be taxed on suspicion.
The issue was whether entire brokerage receipts credited to a bank account could be taxed as income. The Tribunal held that only the profit element is taxable and estimated income at 25% of gross commission.
The ITAT ruled that rectification proceedings cannot substitute for an appellate remedy against an addition under section 69A. Absence of a mistake apparent from the record justified dismissal.
The Tribunal emphasized that the assessee had no individual business in electronic goods. In the absence of incriminating material and with sales recorded by the company, the addition was deleted.
The issue was whether reassessment initiated by the Jurisdictional AO was valid. The Tribunal held the notice invalid as it violated mandatory faceless assessment procedures, rendering the reassessment void.
The tribunal held that where the Assessing Officer conducted exhaustive enquiries and applied his mind in a 153C assessment, revision under section 263 is invalid. A mere change of opinion cannot justify reopening a concluded assessment.
The Tribunal examined whether repayment of earlier loans could be taxed as unexplained money. It held that once loans were accepted as genuine and repayment sources were explained, no addition could survive.
The issue was whether Section 153C proceedings could continue when seized material was handed over after 01.04.2021. The Tribunal ruled that such notices are barred by law, rendering the assessment void.
