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 ...
The ITAT Ahmedabad remanded the Jasvant Baraiya case for reassessment under Section 69A of the Income Tax Act due to procedural non-compliance and appeal disputes.
ITAT Delhi reduces unexplained cash deposit addition under Section 69A to ₹2.5 lakh for AY 2017-18 due to partial explanation of sources by the taxpayer.
Reliance was placed on decision of the Hon’ble Delhi High Court in the case of CIT vs. Ritu Anurag Agarwal reported in ITA No. 325/2008 and it was argued that no addition u/s 68 could be made on account of trade creditors when the books of accounts have not been rejected.
ITAT Ahmedabad held that tax rate u/s. 115BBE of the Income Tax Act increased from 30% to 60% and the same is applicable only with effect from 1st April 2017 and not prior to the same. Hence, appeal allowed to that extent.
It was argued on behalf of the revenue that tribunal was not justified in passing the order as it is an admitted fact that huge cash was deposited in the bank account of the assessee, which was totally contrary to the agreement hence provisions 69A were attracted.
It was argued on behalf of assessee that in the preceding AY, the margin of the assessee from the sale of recharge coupons was 1.75% (approx) and the same was accepted by the Department. Estimation of profit margin at 8% by AO is very much on higher side.
ITAT Ranchi remanded the matter regarding addition under section 69A of the Income Tax Act back to the file of CIT(A) since paper books was not produced before AO or CIT(A).
‘Gupt Daan’,a secret gift regarding unexplained cash in a Religious Trust locker was pertaining to RNB Temple Trust and was already brought on record to the extent of Rs.1,79,00,000/- which was evident from the Balance Sheet submitted.
In the matter abovementioned ITAT deleted addition made on account of undisclosed cash deposits during demonetization period after observing that assessee has substantiate means of income for depositing cash.
IT Department during demonetization (from November 9, 2016, to December 30,2016) identified various individuals who had deposited substantial sums of cash, under the initiative “Operation Clean Money”.
