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...
ITAT Agra holds surrendered jewellery and cash as business income, not unexplained under Sections 69A/69B; Revenue’s appeal dismissed.
ITAT Jaipur held that surrendered income during survey cannot be treated as unexplained income or money u/s. 69 & 69A of the Income Tax Act and tax in accordance with provisions of section 115BBE. The same has to be assessed to tax under ‘business income’.
ITAT Ahmedabad deletes Rs.11.27 lakh addition for penny stock investment, ruling the Revenue failed to prove the investment originated from the assessee’s own unexplained funds under Section 69B.
The ITAT Jaipur dismissed the assessee’s appeal, confirming the PCIT’s revisionary order under Section 263. The Tribunal ruled that the income declared as excess stock during a survey must be taxed under Section 115BBE at a higher rate because the assessee failed to prove a direct nexus between the excess stock and suppressed regular business profits.
ITAT Visakhapatnam upholds additions for demonetisation deposits but rules tax under section 115BBE for AY 2017-18 should apply at 30% instead of 60%.
The ITAT Nagpur has ruled that income surrendered during a survey from an excess stock of jewelry is business income, not an unexplained investment.
An overview of Sections 68-69D of India’s Income-tax Act, which empower tax authorities to assess unaccounted income from unexplained credits, investments, and expenses.
ITAT Delhi held that applicability of section 115BBE of the Income Tax Act without initially fixing the addition under any of the charging provisions i.e. section 68, 69, 69A, 69B, 69C and 69D of the Income Tax Act is not tenable in the eye of law. Accordingly, appeal allowed.
The ITAT offers partial relief to Saket Bansal and Abhishek Bansal, explaining a portion of seized jewellery in a tax dispute. Learn about the tribunal’s decision.
ITAT Chandigarh deletes an addition, ruling that an unsigned and unregistered agreement to sell is not valid evidence for making an addition under Section 69 or 69B.
