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 Jaipur held that gain not realized during the year under consideration cannot be taxed under the head capital gain or as income under the head profit and gains of business or profession by valuing unsold scrips at market value.
The Tribunal quashed an unexplained investment addition based purely on a digital ledger retrieved from a mobile phone, as it was not corroborated by any evidence of actual cash payment or movement. Following its own prior ruling, the ITAT confirmed that digital evidence like WhatsApp messages must comply with Section 65B to be est in law.
The Tribunal deleted the unexplained investment (Section 69) and cash interest (Section 69A) additions, emphasizing that unsigned, vague slips and digital data, where the parties were not confronted and no independent verification was done, have no evidentiary value in search assessment law. This aligns with Supreme Court rulings on the invalidity of additions based on non-speaking loose sheets.
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.
