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 : Overview of Income Tax Sections 69A, 69B, on unexplained income, investments, and expenditures. Key cases and interpretations incl...
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 : ITAT Mumbai held that the addition in respect of bogus purchases is to be limited to the extent of bringing the gross profit rate ...
Income Tax : ITAT Mumbai overturned an income addition for Leena Haresh Harde, ruling that unsecured loans were genuine, and an assessment base...
Income Tax : ITAT Delhi held that in case of bogus purchases only profit element embedded should be taxed and entire amount of purchases cannot...
Income Tax : Delhi ITAT deletes ₹24 lakh unexplained expenditure addition on Hitesh Rohilla, citing lack of direct evidence linking alleged c...
Income Tax : Ahmedabad ITAT remands Naimishbhai Kantibhai Patel's reassessment case for a fresh opportunity, citing non-compliance and imposing...
ITAT Delhi held that disallowance of purchases and restricting the amount of purchases to 12.50% without examining the documentary evidences produced by the assessee is unjustified. Accordingly, matter remanded back to AO with direction to decide afresh.
Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key FAQs and amounts covered.
Article explains how surrendered income is treated under I.T Act, particularly focusing on applicability of Sections 68 to 69D and related provisions.
Bombay High Court upholds ITAT ruling in PCIT Vs SVD Resins, focusing on the legitimacy of purchase transactions and tax implications under Section 69C.
Bombay High Court held that half-hearted approach on the part of AO to make additions on the issue of bogus purchase would not be conducive. Bogus purchase addition also cannot be on the basis of superficial inquiry.
Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from penalty and prosecution, by accepting the explanation ‘in the spirit of settlement’ cannot be faulted.
ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 263 of the Income Tax Act. Thus, in absence of independent application of mind, invocation of revisionary provisions by CIT unsustainable.
Punjab & Haryana HC upholds Principal Commissioner’s revision under Section 263. Assessing Officer’s wrong Section 44ADA assessment found erroneous.
ITAT Ahmedabad held that addition u/s. 68 on account of unexplained cash credit, being bogus unsecured loan, and u/s. 69C on account of unexplained expenditure, being bogus interest claimed, unjustified as repayment of loans in subsequent year accepted.
ITAT Ahmedabad held that addition merely on the basis of retracted statement without any incriminating material seized from assessee’s premises is unsustainable in law and liable to be quashed.
