Income Tax - Introduction: The Income Tax Act of 1961 in India encompasses various sections, each addressing specific aspects of taxation and income assessment. In this comprehensive article, we delve into Sections 68, 69, 69A, 69B, 69C, and 69D, which deal with unexplained cash credits, unrecorded investments, unrecorded money, bullion, jewelry, unex...
Income Tax - In India’s income tax law, Sections 68 to 69D play a vital role in maintaining transparency and accountability related to unexplained finances. These sections are crucial for detecting and penalizing suspicious or unexplained money transactions, investments, and expenditures. The goal is to curb tax evasion and maintain a healthy fi...
Income Tax - Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents....
Income Tax - The article covers all the aspects of undisclosed Income and its taxability It will be specially helpful for Students revision : Section 115BBE : Tax Rate on undisclosed Income The Rate of tax on undisclosed Income covered by Sec 68 to Sec 69D is 60% plus 25% surcharge plus 4% EC Effective Tax rate is […]...
Income Tax - This Article discusses Tax Treatment of Cash Credit, Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68,Section 69, Section 69A, Section 69B, Section 69C and Section 69D respectively of Income Tax...
ARRS Megamall P. Ltd. Vs DCIT (ITAT Chennai) - ITAT Chennai held that addition towards unexplained investment u/s. 69B of the Income Tax Act unsustainable as based merely on the basis of statement of Director of the Vendor Company without any additional corroborative evidence....
OPG Securities Pvt. Ltd. Vs DCIT (ITAT Delhi) - ITAT Delhi held that commission taxed @2% of the amount of accommodation entries provided by the assessee has not been made on ad hoc basis, however, the same is as per prevailing market rate. Accordingly, the addition is sustained....
Babusona Mondal Vs DCIT (ITAT Kolkata) - Read about Babusona Mondal's appeal against the AO's addition under Section 69B. ITAT Kolkata rules that additions can't be made based on conjectures without considering evidence....
Jasmine Anand Vs ACIT (ITAT Delhi) - ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on various occasions such as marriages, birthdays, anniversaries, birth of a child, auspicious festivals and other such occasions is common. Accordingly, addition towards une...
DCIT Vs Satish Praphulla Chandra (ITAT Bangalore) - In a recent case, ITAT Bangalore deleted a Section 69B addition concerning gold jewelry, as holdings were in line with declarations and purchases....
ARRS Megamall P. Ltd. Vs DCIT (ITAT Chennai) -
OPG Securities Pvt. Ltd. Vs DCIT (ITAT Delhi) -
Babusona Mondal Vs DCIT (ITAT Kolkata) -
Jasmine Anand Vs ACIT (ITAT Delhi) -
DCIT Vs Satish Praphulla Chandra (ITAT Bangalore) -
Fathima Jewellers Vs DCIT (ITAT Chennai) -
Rounak Farms Private Ltd Vs ACIT (ITAT Pune) -
Tirath Dass Vs PCIT (ITAT Delhi) -
Golden Traders Vs ITO (ITAT Delhi) -