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 : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
Income Tax : An overview of Sections 68-69D of India's Income-tax Act, which empower tax authorities to assess unaccounted income from unexplai...
Income Tax : A Comprehensive Analysis of Undisclosed Incomes under Sections 68 to 69D of the Income-tax Act, 1961, Taxation of these Incomes Un...
Income Tax : ITAT Surat held that rural agricultural land falls outside Section 2(14), deleting capital gains and related additions....
Income Tax : ITAT Hyderabad held that gold deposit agreements produced after the survey, without contemporaneous evidence or book entries, coul...
Income Tax : A belated filing of Form 3CLA was a curable procedural defect and could not deprive an assessee of weighted deduction under sectio...
Income Tax : ITAT Chennai held that loose sheets and estimates alone cannot justify an addition under Section 69B without independent corrobora...
Income Tax : The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accoun...
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 Surat held that rural agricultural land falls outside Section 2(14), deleting capital gains and related additions.
ITAT Hyderabad held that gold deposit agreements produced after the survey, without contemporaneous evidence or book entries, could not explain excess gold found during survey. The addition of ₹3.75 crore was therefore sustained.
This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the applicable penalty amounts for different types of tax defaults and compliance failures.
A belated filing of Form 3CLA was a curable procedural defect and could not deprive an assessee of weighted deduction under section 35(2AB) where the substantive conditions for allowance of the deduction stand fulfilled.
ITAT Chennai held that loose sheets and estimates alone cannot justify an addition under Section 69B without independent corroborative evidence. The Tribunal deleted the addition after finding no proof of investment outside the books of account.
The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accounted for in the books and offered as business income. The ruling emphasises that a satisfactory explanation regarding the source of stock defeats the application of Section 69B.
The ITAT Delhi ruled that the CIT(A) cannot reclassify an addition under a different provision of the Income-tax Act without issuing a specific notice to the taxpayer. The decision reinforces the limits of appellate powers and upholds principles of natural justice.
This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section 115BBE. It highlights the conditions for invoking these provisions and the consequences of failing to satisfactorily explain the nature and source of funds.
The Tribunal ruled that Section 263 does not permit the PCIT to substitute his opinion for that of the Assessing Officer when two legally sustainable views exist. A revision based solely on a different interpretation of taxability is unsustainable.
The Court held that the assessee failed to produce any written or registered document proving transfer of property to the firm. Consequently, the challenge to the assessment proceedings was rejected, leaving the assessee to pursue statutory appellate remedies.
