Income Tax : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
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...
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 Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Delhi ITAT held that investments in immovable properties cannot be treated as unexplained once payments are made through disclosed...
Income Tax : Madras High Court held that a reference to the District Valuation Officer was valid because the Assessing Officer had effectively ...
Income Tax : ITAT Mumbai held that prolonged non-payment of interest and repeated amendments to loan agreements justified benchmarking AE loans...
Income Tax : The ITAT Hyderabad held that additions for alleged cash payments cannot be sustained merely on the basis of third-party seized doc...
Income Tax : The Tribunal held that excess stock found during survey had direct nexus with business operations. It ruled that such income shoul...
Nirmal Kumar Minda Vs ACIT (ITAT Delhi) The ground No.2 relates to the addition of Rs.37.50 lacs u/s. 69B of the Act in respect of 6 paintings found at the residence of the assessee. The underlying facts in the impugned issue are that 6 paintings were found at the time of search which were got […]
ITAT Chennai held that when assessee has explained the source for excess stock found during the course of survey, then, income offered towards excess stock cannot be treated as unexplained investment u/s. 69B of the Act.
Section 68 cannot be invoked if Assessee not required to maintain books of account. Section 115BBE comes into operation only in case of income referred in Section 68/69/69A/69B/69C and 69D
ITAT Allahabad held that additions made based on the incriminating material (being excess stock) found during survey conducted u/s 133A of the Income Tax Act is justifiable.
Explore the tax implications of undisclosed income from Section 68 to Section 69D. Learn about tax rates, explanations, and conditions to avoid penalties. A comprehensive guide for students.
ITAT Bangalore held that addition under section 69B of the Income Tax Act for unexplained investment solely on the basis of the document that didn’t contained name of the assessee is unsustainable as the same is outside the purview of definition of section 153C(1)(a) & (b).
Held that deeming provisions of section 115BBE doesn’t apply as source of income clearly explained and established by the assessee
ITAT find that jewelry has been found during the course of search from the possession of the assessee. The jewellery was inventorised. The claim of the assessee that this has been received as a gift from relatives and friends is not at all substantiated but merely remained a claim. In view of this we do not find any infirmity in the orders of the learned lower authorities in confirming the addition of Rs. 1,867,098/– u/s 69B of the act after granting benefit of 500 g of gold jewellery to the assessee in terms of CBDT instruction number 1916.
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 Act, 1961.
The entire controversy revolves around the question as to whether the assessee has been able to provide explanation for difference of stock between the stock submitted to the bank as on 28/3/2005 and the stock indicated in the audit report for the period ending 31/03/2005 relating to raw material, stock-in-process and finished goods.
