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...
ITAT Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act to verify the genuineness of the transaction and creditworthiness of the party in case of addition towards unsecured loan u/s. 68.
ITAT Kolkata clarifies Section 14A disallowance limits, deletes notional income addition for unsold flats (AY 2014-15), and remands interest expense and unexplained expense issues.
Key ITAT Delhi decision in ACIT Vs Hella India Lighting Ltd.: Analysis of Section 69C addition, expense disallowance, and foreign exchange loss claims for AY 2017-18.
ITAT Delhi sets aside search assessment in Amit Gupta & Sons HUF case, citing lack of proper approval under Section 153D of the Income Tax Act.
ITAT Pune remands an ex-parte order after considering the senior citizen assessee’s tech constraints, allowing fresh appeal proceedings with a fair hearing.
When an assessee deposes on oath giving explanation of the reasons and circumstances for investment, the same could not be brushed aside on the basis of general principles of the modus operandi of bogus LTCG claims.
The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 115 BBE. Many orders are struck down by the High Courts through writs and majority of the orders are appealed against and are cancelled by the Commissioner of Income Tax (Appeals)/Income Tax Appellate Tribunal. The brief contents of the relevant sections are given below:
ITAT Jaipur held that when the cash found in books are more then physically found no further addition is required to be made in the hands of the assessee. Accordingly, addition towards unexplained cash set aside.
There was no provision under the DTVSV Act that empowered a Designated Authority to reopen a concluded settlement. Once a final certificate was issued under Section 5(1), all disputes with regard to the ‘tax arrear’ stood concluded.
ITAT Ahmedabad allows Ashokbhai Shah’s appeal for AY 2014-15, addressing issues of capital gains and procedural lapses by the AO.
