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 deletes Rs. 15 lakh cash deposit addition during demonetization, finding assessee established source through prior bank withdrawals.
Non-compliance due to overseas employment leads to ITAT remanding Rs. 1.9 crore tax matter for fresh adjudication, offering assessee a new hearing opportunity.
Pune ITAT remands Sahyogh Nagri Sahkari Patsanstha Maryadit’s appeal, ruling non-payment of advance tax alone cannot dismiss an appeal; directs re-adjudication on merits.
ITAT Cochin rules in favor of assessee Chemangattu Jose John, deleting Section 69A addition related to property sale consideration discrepancy, citing transparent bank receipts.
ITAT Mumbai rules presumptive taxation under Section 44AD doesn’t bar Section 68 additions for unexplained cash credits from suspicious transactions.
ITAT Indore held that there is no authority to deny exemption u/s. 10(23C)(vi) for non-filing return since 20th Proviso to section 10(23C) denying exemption for non-filing return u/s. 139(4C) came to statue from AY 2023-2024 only.
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.
