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 Delhi held that loose sheets picked u/s 132, falls within definition of ‘document’ mentioned in section 132(4) and therefore, it has got evidentiary value. Thus, addition on the basis of loose sheets found during course of search is sustainable.
ITAT Mumbai held that once the assessee is dead no valid assessment or reassessment can be made in the name of the deceased. Thus, notice issued u/s. 148 upon the deceased assessee who expired prior to issuance of notice is invalid.
ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to valuation officer DVO as contemplated in Section 50C(2). Accordingly, AO directed to refer matter to DVO.
ITAT Chennai held that when cash is sourced out of recorded debtors, provisions of section 69A of the Income Tax Act could not be invoked. Accordingly, addition u/s. 69A is not sustainable in law.
M/s. GRR Holdings is a firm was incorporated on 31.01.2014 with two partners Shri Gaddam Shyam Prasad Reddy & Shri Syed Fayaz Mohammed. The main objective of the partnership firm is to carry on real estate business.
ITAT Lucknow held that addition by calculating sales on hypothetical basis and completely ignoring various evidences submitted during course of assessment proceedings is unjustifiable. Accordingly, appeal allowed and addition is deleted.
ITAT Chennai held that addition under section 69A of the Income Tax Act towards unexplained money not legally sustainable since nature and source of cash deposits duly explained. Accordingly, addition is liable to be deleted.
ITAT Mumbai held that addition under section 69 towards unexplained cash made by the AO without bringing any concrete evidence on record incriminating the assessee is not sustainable. Accordingly, addition u/s. 69 deleted.
ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable article and hence doesn’t qualify as unexplained money under section 69A of the Income Tax Act.
Overview of Income Tax Sections 69A, 69B, on unexplained income, investments, and expenditures. Key cases and interpretations included.
