Income Tax : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
Income Tax : Courts have clarified that purchases cannot be disallowed without proper evidence. Genuine transactions supported by documents can...
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 : The Tribunal held that disallowance of interest cannot be finalized when the validity of underlying loans is still under appeal. I...
Income Tax : The issue was whether purchases could be treated as bogus based on investigation reports. ITAT held that when documentary evidence...
Income Tax : The Tribunal held that purchases cannot be treated as bogus when supported by invoices, bank payments, and GST records. It ruled t...
Income Tax : The issue was whether income from hybrid seed production on leased land qualifies as agricultural income. The Tribunal held that o...
Income Tax : The issue was whether reassessment is valid without proper service of notice. The Tribunal held that absence of valid service make...
The issue was whether additions can rest on seized loose sheets termed as dumb documents. The Tribunal upheld Section 69C additions, holding that seized material supported by statements is valid evidence.
The issue was whether total purchases could be treated as unexplained expenditure under section 69C. The Tribunal held that only the profit element is taxable in a small retail trading business.
An addition based on a third-party statement was challenged for denial of cross-examination. The Tribunal held that natural justice must be followed and directed a fresh hearing.
The Tribunal held that section 69C cannot be invoked when expenditure is recorded in books and its source is not in doubt, even if part of the claim is disallowed.
The Tribunal held that long-term capital gains from listed share sales could not be treated as bogus merely due to high profits. In the absence of contrary evidence, additions under Sections 68 and 69C were deleted.
ITAT Mumbai held that artificial profits or losses arising from Client Code Modification in share transactions carried out in F&O segment requires transaction-wise reconciliation. Accordingly, matter restore to the file of AO.
The Tribunal found that CIT(A) erred by linking the protective addition to another company. The assessment was remanded for correct identification of the beneficiary.
The Tribunal held that reassessment initiated beyond three years requires approval from the Principal Chief Commissioner or Chief Commissioner. Sanction granted by the PCIT was invalid, rendering the entire reassessment void.
The Tribunal held that reassessment notices issued after 1 April 2021 for AY 2015-16 are legally unsustainable. Since jurisdiction itself failed under TOLA principles, the entire reassessment was quashed.
No on-money addition was made in the cases of other co-owners of the same property. The ITAT held that the Revenue cannot adopt a contradictory stand on identical facts.
