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 Chandigarh held that addition based on statement is liable to be quashed as the statement was recorded from the back of the a...
Income Tax : ITAT Ahmedabad reviews Sankalp Recreation's tax appeals concerning unaccounted income, expenses, book rejection, and PF/ESIC disal...
Income Tax : ITAT Raipur sets aside reassessment order for Kachrulal Jitendra Kumar, ruling the Section 148 notice time-barred. Cites Supreme C...
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...
In a recent case, the ITAT Hyderabad held that the provisions of section 115BBE of the Income Tax Act are not applicable when the source of income is disclosed.
ITAT Mumbai held that addition u/s 115BBE of the Income Tax Act unsustainable as present case doesn’t involve invocation of any of the sections i.e. section 68, 69, 69A, 69B, 69C & 69D of the Income Tax Act.
ITAT Amritsar held that in case of non-cooperation during conduct of special audit under section 142(2A) of the Income Tax Act, the time limit to do the same can be extended at the end of the department.
In Pavuluri Sylendra Nellore Vs ITO case, ITAT Hyderabad confirms addition under section 69C due to unexplained source of credit card payment.
ITAT Jodhpur upholds CIT(A)’s decision, negating the AO’s addition of Rs. 1.62 crore under Section 69C for Shri Prahalad Rai Rathi. The judgment clarifies all transactions were through banking, dismissing the alleged unexplained expenditure and unsecured loans as baseless.
ITAT Delhi held that addition of sundry creditors u/s 68/69C of the Income Tax Act unsustainable as department failed to prove that the sundry creditors are bogus.
ITAT Delhi held that addition based on some dummy name without incriminating material reflecting name of the assessee is unjustified.
ITAT Hyderabad held that once additional income offered during survey was simply accepted and assessment order was passed u/s 143(3) of the Income Tax Act without invoking provisions of section 115BBE. Then, provisions of section 115BBE cannot be invoked via rectification as per section 154.
ITAT Delhi held that addition sustained as onus to prove genuineness of the transaction is not proved by the assessee.
ITAT Mumbai held that addition towards unexplained expenditure u/s 69C of the Income Tax Act simply on the basis of scribbling note without any other oral/ documentary evidences is unwarranted and unsustainable.
