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...
Income Tax : Explains the centralization of digital platforms, surveillance powers, and opaque governance. Key takeaway: citizens have limited ...
Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : An overview of Sections 68-69D of India's Income-tax Act, which empower tax authorities to assess unaccounted income from unexplai...
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 Indore held that appellate order violated principles of natural justice after finding that key hearing notices were sent to a...
Income Tax : ITAT Rajkot held that cash deposits made during demonetization were fully supported by audited books of account, cash books, and b...
Income Tax : ITAT Hyderabad held that addition of Rs. 13 lakh under Section 69A through rectification proceedings exceeded the scope of Section...
Income Tax : The Tribunal held that the reassessment notice issued on 26.07.2022 was beyond the permissible timeline under the surviving limita...
Income Tax : Tribunal dismissed a Revenue appeal after finding that additions were made solely on basis of entries in a seized Excel file. It h...
ITAT Nagpur held that short charging of rent from the trustee cannot be reason for denial of entire claim of exemption under section 11 of the Income Tax Act. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
ITAT Pune rules excess stock declared during survey is business income, not unexplained income under 115BBE, if linked to regular business activities.
ITAT Indore rules excess stock surrendered during survey by Suresh Aluminium is business income, not unexplained, directing normal tax rates. Cites key precedents.
ITAT Ahmedabad held that addition towards accommodation entries of bogus LTCG cannot be sustained in absence of any iota of tangible perceptible evidence. Accordingly, appeal allowed and addition set aside.
ITAT Jabalpur restores Nagar Panchayat’s reassessment case, directing AO to verify exemption claim under Section 10(20) for cash deposits from statutory functions.
ITAT Chandigarh held that invocation of revisionary power under section 263 of the Income Tax Act not sustainable since PCIT failed to establish that assessment order was erroneous and prejudicial to the interest of revenue. Accordingly, appeal of assessee allowed.
In Malabar Industrial Co. Ltd. Vs. Commissioner of Income Tax, Kerala State reported in (2000) 243 ITR 83 Hon’ble apex court have held that The phrase “prejudicial to the interests of the Revenue” has to be read in conjunction with an erroneous order passed.
AO observed that a perusal of the books of account (specifically cash book) of the companies, revealed that an amount of Rs.75 lacs and Rs.25 lacs respectively were given by both companies on imprest account to the assessee.
ITAT Ahmedabad held that addition invoking provisions of section 50C(2) of the Income Tax Act without referring the valuation of the capital asset to the valuation officer is not justifiable. Accordingly, matter restored back to AO to refer the matter to valuation officer for determining Fair Market Value.
ITAT Mumbai held that addition under section 69A of the Income Tax Act towards cash deposited in the bank account during demonetization period deleted since source of cash deposit duly explained.
