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...
Tribunal held that rent expense differences cannot be taxed as unexplained expenditure without questioning the source. Matter remanded for verification of reconciliation and evidence.
ITAT Mumbai held that doubting goods transportation alone cannot justify full disallowance, restricting the addition to 11.54% GP on ₹32.75 lakh purchases.
DCIT Vs Indian Hydro Electric Power Pvt. Ltd. (ITAT Delhi) No Incriminating Evidence, Only Excel — ITAT Deletes ₹25 Cr Addition in Moser Baer Group Case Search was conducted on the Moser Baer Group, covering Assessee’s premises. During search, an Excel sheet titled “Funds Position” was found on a group employee’s laptop, showing loan entries. […]
ITAT Chennai held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since cash deposit during demonetization duly reflected as cash sales and there was no abnormal spike in sales during demonetization.
The ITAT held that the PCIT incorrectly invoked Section 263 to substitute the AO’s plausible view, ruling that a business disallowance under Section 37(1) does not automatically become deemed income under Section 69C.
The ITAT Kolkata upheld the deletion of a ₹2.5 crore addition under Section 68, ruling that the assessee provided full documentary proof of the loan’s identity, creditworthiness, and genuineness. The Tribunal emphasized that once the primary onus is discharged, the AO must conduct an independent inquiry rather than relying on an unverified Investigation Wing report.
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act impermissible since based solely on change of opinion without any new tangible material. Further, even on merits royalty payment represents a legitimate business expenditure allowable u/s. 37(1).
ITAT Jaipur held that Rs. 8.9 lakh surrendered during a survey and included in books as business income cannot be taxed under section 69C or 115BBE of Income Tax Act.
ITAT Mumbai held that addition for providing accommodation entries of bogus LTCG under section 68 of the Income Tax Act is rightly deleted by CIT(A) since assessee has duly discharged the primary onus. Accordingly, appeal of revenue dismissed.
ITAT Mumbai held that levy of penalty under section 270A of the Income Tax Act cannot be sustained since specific limb of Section 270A(9) leading to under-reporting of income or mis-reporting of income is not specified. Accordingly, appeal of assessee is allowed.
