Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
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 : The ITAT Mumbai held that Section 69C cannot be invoked where expenditure is duly recorded in the books and its source is fully ex...
Income Tax : ITAT Guwahati held that additions could not be sustained where the transactions related to a separate partnership firm with a diff...
Income Tax : The ITAT held that an untested third-party statement, without supporting evidence or cross-examination, cannot form the sole basis...
Income Tax : ITAT Ahmedabad held that repayment of the entire loan with TDS-compliant interest payments undermined the allegation that the loan...
Income Tax : ITAT Chennai held that loose sheets and estimates alone cannot justify an addition under Section 69B without independent corrobora...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
ITAT Mumbai held that donations to registered trusts cannot be taxed under Section 69C solely based on third-party statements without supporting evidence.
The assessee’s capital-gain computation and share-transaction trail matched disclosed data. ITAT held the AO’s conclusion to be unsupported and dismissed Revenue’s appeal.
ITAT Mumbai held that once the assessee proved repayment of ₹1 crore via banking channels, Revenue must first disprove the evidence before invoking sections 68 or 69C. Both the addition and related interest disallowance of ₹3.78 lakh were deleted.
ITAT Chandigarh deleted ₹38.70 Lakh addition as unexplained expenditure, holding that fully bank-routed agricultural expenses cannot be disallowed merely due to missing bills. The Tribunal confirmed that legitimate orchard expenses on labor, fertilizers, and packing are deductible from agricultural income.
The Tribunal held that although transportation proof was lacking and the supplier was unverifiable, accepted sales established that trading had occurred. It ruled that only the profit element of 2% could be added, and the addition could not be taxed under section 115BBE.
ITAT Ahmedabad remands the matter after persistent non-compliance, directing the assessee to prove the source of cash payments against credit-card expenses. A cost of ₹5,000 to PMNRF is imposed as a condition for fresh examination.
The Tribunal found that an off-market transaction, by itself, does not establish bogus capital gains when supporting records are intact and no direct involvement in price manipulation is shown. The exemption under Section 10(38) was therefore allowed, rejecting additions under Sections 68 and 69C.
The Court held that the assessee failed to prove ₹20.06 crore in purchases and restored the AO’s 100% addition. It ruled that partial estimation was unjustified and Section 69C required full disallowance.
ITAT Delhi remanded the case to verify whether imports made using a firm’s PAN were recorded in the company’s books. CIT(A) deletion was quashed as factual examination was needed.
The Tribunal held that reopening based on Section 50C was unsustainable because the provision applies only to sellers, not purchasers of property. With the very foundation of reassessment failing, the addition based on circle-rate difference was deleted. The ruling underscores that incorrect legal assumptions cannot justify reopening under Section 147.
