Income Tax : ITAT held that section 69 cannot be invoked where purchases are duly recorded in books and paid through banking channels, making t...
Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : Delhi ITAT deleted a 69C unexplained expenditure addition for alleged bogus purchases, ruling that when corresponding sales are ac...
Income Tax : Interest under Section 234B cannot be levied on Section 115BBE-assessed income for resident senior citizens exempt from advance ta...
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 : ITAT Chennai held that where unaccounted purchases are found and the corresponding sales are not doubted, only the profit element ...
Income Tax : The ITAT Chennai held that additions under Section 153A cannot be made for completed assessments when no incriminating material is...
Income Tax : ITAT Delhi deleted additions under Sections 68 and 69C after finding that the assessee received and repaid loans through banking c...
Income Tax : The Tribunal held that purchases cannot be treated as bogus merely because the supplier did not file an income tax return. Verifie...
Income Tax : Section 69C addition of ₹1.10 crore deleted as pen drive data lacked valid 65B certificate; ITAT Hyderabad held third-party digi...
ITAT Chennai held that where unaccounted purchases are found and the corresponding sales are not doubted, only the profit element embedded in such purchases can be brought to tax, and not the entire purchase value. Accordingly, addition towards unaccounted purchases duly restricted.
The ITAT Chennai held that additions under Section 153A cannot be made for completed assessments when no incriminating material is found during search. Additions based only on special audit findings were therefore quashed.
ITAT Delhi deleted additions under Sections 68 and 69C after finding that the assessee received and repaid loans through banking channels with supporting confirmations and evidence.
The Tribunal held that purchases cannot be treated as bogus merely because the supplier did not file an income tax return. Verified GST filings and inventory records established transaction genuineness.
Section 69C addition of ₹1.10 crore deleted as pen drive data lacked valid 65B certificate; ITAT Hyderabad held third-party digital evidence inadmissible without corroboration.
ITAT Mumbai deleted ₹6.15 lakh penny stock LTCG addition, holding investigation report and abnormal price rise insufficient without direct evidence linking assessee to accommodation entries.
The Tribunal found inconsistencies in the CIT(A)’s findings while restricting addition to 12.5% of purchases. As key facts were not properly examined, the issue was restored for fresh adjudication.
The Tribunal ruled that long-term capital gains treated as bogus could not be added in a completed assessment year absent search-based incriminating evidence. Investigation reports alone were held insufficient.
The Tribunal held that in completed assessments, no addition can be made under Section 153A without incriminating material found during search. The addition under Section 68 was annulled as jurisdiction was invalid.
The Tribunal held that mere reliance on an Investigation Wing report without linking the assessee to price manipulation cannot justify treating LTCG as bogus. Documentary evidence and banking transactions supported genuineness.
