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...
ITAT Ahmedabad held that cash deposits cannot be treated as unexplained merely because they were made in old denomination notes during demonetisation. The Tribunal remanded the matter to verify whether the deposits represented genuine business sales.
The Delhi ITAT held that cash deposits sourced from recorded cash sales cannot be treated as unexplained credits once the sales and books of account are accepted. The Tribunal deleted the Section 68 addition as it resulted in double taxation of the same income.
The ITAT held that Section 69A could not be invoked as the director was not the owner of the unaccounted cash generated through over-invoicing. The Tribunal upheld deletion of the addition while affirming that the company owned the cash.
ITAT Delhi held that cash deposits recorded in audited books and linked to disclosed business transactions could not be taxed under Section 69A. The Tribunal deleted the ₹5.60 crore addition after finding the source of deposits was explained.
ITAT Ahmedabad held that a taxpayer cannot avoid responsibility for earlier failures to respond merely because the final notice was sent to a different email address. However, the matter was remanded for fresh consideration on merits.
ITAT Delhi sustained a Section 69A addition on demonetisation-period cash deposits after finding 539 identical cash sale vouchers lacked credibility. The Tribunal held that the assessee failed to satisfactorily establish the genuineness of the sales and deposits.
The Tribunal held that the CIT(A) had incorrectly applied the principle relating to assessments of non-existent entities without examining the factual circumstances of the firm’s conversion into a proprietorship. The matter was remanded for further inquiry.
ITAT Ahmedabad upheld reassessment proceedings after finding that seized diaries recorded unaccounted cash transactions exceeding prescribed limits. The Tribunal held that statutory conditions for reopening were satisfied.
The ITAT Delhi ruled that the CIT(A) cannot reclassify an addition under a different provision of the Income-tax Act without issuing a specific notice to the taxpayer. The decision reinforces the limits of appellate powers and upholds principles of natural justice.
ITAT Chennai restored the matter to the Assessing Officer after finding that the assessment and appellate proceedings were concluded ex parte without deciding the issues on merits. The Tribunal granted the assessee one final opportunity to substantiate the source of cash deposits with evidence.
