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...
Tribunal ruled that unexplained cash deposits of ₹13.46 lakh by a mobile phone trader require fresh examination. ITAT emphasized natural justice and allowed the assessee to submit audited accounts and sales evidence.
Income surrendered during survey and accounted as business income should not attract section 115BBE rates, clarifying application of sections 69, 69A, and 69B.
ITAT Ahmedabad confirmed that the unsecured loan of ₹80.94 lakh given by Mahadev Shipbreakers to KCPL was genuine, routed through banking channels, and repaid with interest and TDS. The Tribunal dismissed Revenue’s appeal, noting AO’s allegations were generalized and unsubstantiated.
ITAT Nagpur remands Mohd. Siraj’s appeal to CIT(A), allowing him a fresh chance to prove large bank deposits belonged to his employer, not him.
An overview of Sections 68-69D of India’s Income-tax Act, which empower tax authorities to assess unaccounted income from unexplained credits, investments, and expenses.
ITAT Pune has sent the case of Shankar Saybu Rakhewar back to the Commissioner of Income Tax (Appeals) for a new hearing.
ITAT Chennai held that reassessment notice under section 148 of the Income Tax Act without mandatory Document Identification Number [DIN] is invalid, non-est and hence liable to be quashed. Accordingly, assessment order thereon also collapses.
ITAT Delhi’s ruling in Pawan Kumar Agarwal Vs ACIT restricts an unexplained cash addition to a 10% GP rate, reducing it from ₹1.5 crore to ₹15 lakh. It upholds that stock and cash belonging to the assessee’s sons’ firm are not taxable in the assessee’s hands.
The ITAT Ahmedabad has deleted a ₹55 lakh addition made under the “accommodation entry” theory, ruling that the repayment of loans through banking channels negated any benefit to the assessee, thereby making the addition and the reassessment legally unsustainable.
The Income Tax Appellate Tribunal (ITAT) Lucknow has quashed an income tax assessment against Suraiya Begum, who had deposited Rs.13.08 lakh in her bank account during demonetization.
