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...
The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 115 BBE. Many orders are struck down by the High Courts through writs and majority of the orders are appealed against and are cancelled by the Commissioner of Income Tax (Appeals)/Income Tax Appellate Tribunal. The brief contents of the relevant sections are given below:
ITAT Chennai held that cash collected from customers for purchase of stamp papers were deposited in bank hence source of cash deposits duly explained. Thus, addition towards unexplained cash deposits u/s. 69A of the Income Tax Act not justified.
ITAT Kolkata deletes ₹8.27 lakh addition under Section 69A, ruling cash deposits belonged to Seva Kendra, not the assessee. Penalty also set aside.
ITAT Kolkata remands case of Prakash Bhalotia to AO for fresh order, citing lack of opportunity to present evidence in AY 2017–18 case of unexplained cash deposits.
Assessment was completed at income of Rs.1,23,18,612/- against the returned income of Rs.3,76,740/- on account of unexplained cash deposited in the bank accounts amounting to Rs.1,19,41,872/-.
ITAT Jaipur held that when the cash found in books are more then physically found no further addition is required to be made in the hands of the assessee. Accordingly, addition towards unexplained cash set aside.
ITAT Agra held that dismissal of appeal by CIT(A) merely because the assessee did not comply with the notices issued by CIT(A), without adjudicating issues arising in the appeal on merits, is not sustainable in the eyes of law keeping in view provisions of Section 250(6).
ITAT Ahmedabad upheld ₹70.95 lakh addition under Section 69A due to unexplained cash deposits during demonetization and non-compliance by the assessee.
ITAT Allahabad remands a case involving ₹33.29 lakh unexplained cash deposits back to AO due to a mix-up of assessment years by CIT(A).
ITAT Ahmedabad directs benefit of Rs. 8 lakhs for unexplained cash deposits during demonetization in the case of Manan Kiritbhai Shah for AY 2017-18.
