Income Tax : The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 1...
Corporate Law : Assessees face 78% tax and 6% penalty for unexplained investments or expenditures under Sections 69 to 69C of Income Tax Act if de...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : Article explains how surrendered income is treated under I.T Act, particularly focusing on applicability of Sections 68 to 69D and...
Income Tax : Discover the tax implications and rates for undisclosed sources of income under Sections 68-69D of the Income Tax Act, 1961. Learn...
Income Tax : ITAT Pune remands an ex-parte order after considering the senior citizen assessee’s tech constraints, allowing fresh appeal proc...
Income Tax : CIT (A) was right in its decision to delete the addition of Rs. 2.92 crore made by AO under Section 69B for alleged undervaluation...
Income Tax : CIT (A) erred in treating the loan of Rs.90.52 crores u/s 69A/69B when the show cause notice of enhancement was with reference to ...
Income Tax : ITAT Surat held that addition based on unsigned, undated and unstamped Satakhat/ sale and purchase agreement cannot be sustained s...
Income Tax : ITAT Delhi held that addition towards undisclosed investment in shares and unsecured loans merely based on observation made by DCI...
ITAT Surat held that provision of section 115BBE of the Income Tax Act as amended vide Taxation Laws (Second Amendment) Bill 2016 which is effective from 01.04.2017 cannot be applied to search conducted prior to the effective date.
ITAT Pune held that revisionary proceedings under section 263 sustained as AO failed to apply proper and correct section of Income Tax Act to the investment in the undisclosed stock.
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.
