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 Visakhapatnam held that addition under section 68 r.w.s. 115BBE of the Income Tax Act deleted as the source for capital investment properly explained by the assessee. Accordingly, addition deleted.
On verification of the bank account copies and the other material available before him, AO noticed that the assessee made cash deposits amounting to Rs. 24,31,000/- by way of Specified Bank Notes [“SBNs”].
ITAT Ahmedabad held that dismissal of appeal due to non-prosecution without adjudicating the issue on merits deprives the assessee of fair opportunity of being heard hence violating the principles of natural justice.
ITAT Mumbai held that matter regarding addition under section 68 of the Income Tax Act remanded back for fresh consideration directing appellant to file all documents/ details and supporting evidence explaining source of cash deposits.
ITAT Ahmedabad held that dismissal of appeal by CIT(A) on technical/ procedural aspect merely because the appeal was filed manually instead of e-filing unjustified as assessee was not given an opportunity to cure the defect. Accordingly, appeal restored back.
Assessee had deposited Rs.2,25,00,000/- during the demonetization period in the bank account and explained the reason of the cash deposit, hence he had discharged the onus and prove the genuineness of the transaction.
The assessee is an individual and engaged in the business of retail milk selling. For the relevant AY 2012-13, the assessee did not originally file a return of income, as the total income was below the basic exemption limit under the Act.
ITAT Delhi remands the case of Sanjeev Mittal Vs ACIT for fresh adjudication due to lack of adequate opportunity for the appellant during earlier proceedings.
ITAT Mumbai held that unreasoned order confirming addition passed ex-parte is against the principal of natural justice and hence the matter is restored back to CIT(A) for fresh consideration.
The assessee is an NRI. During the demonetization period, the assessee made cash deposits of Rs.6,00,000/- each in his bank account. The case was selected for scrutiny, and the AO questioned the source of these cash deposits.
