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...
ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income under Section 68.
ITAT Ahmedabad restores assessment, citing denial of fair opportunity and inadequate evidence review by AO in Sections 69A/69C case. (159 Characters)
Bombay High Court confirms full disallowance of expenses on unproven purchases, citing failure to prove genuineness and reliance on precedent.
ITAT Ahmedabad remands ₹77.47 crore unexplained expenditure case of Redex Enterprise due to violation of natural justice during assessment proceedings.
ITAT Nagpur held that addition made on the basis of dumb documents, loose paper containing scribbling, rough/vague noting’s in the absence of any corroborative material is not tenable in law. Thus, appeal of revenue dismissed.
ITAT Mumbai rules on ITO vs. Vaman International P. Ltd., addressing additions under section 69C for disputed purchase transactions.
Delhi High Court reviews PCIT vs. Param Dairy Ltd., addressing additions under Section 69C & 40A(3) for cash milk purchases.
ITAT Raipur held that vacating addition/ disallowances by CIT(A) based on additional documentary evidences filed before him without confronting AO is against the provisions of rule 46A of the Income Tax Rules, 1962. Thus, matter restored back to AO.
ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates as per section 115BBE of the Income Tax Act. Accordingly, appeal of revenue dismissed.
ITAT Kolkata deletes Rs 2.97 Cr Sec 69C addition vs Dhar Construction (AY18-19) as section misapplied, but upholds 10% disallowance due to lack of vouchers.
