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...
Read the full text of the ITAT Chennai order in ACIT vs. Prakash Ferrous Industries Pvt. Ltd. where the assessment order is rejected due to oversight and typographical error under section 143(3).
Delhi ITAT’s landmark ruling in Sarika Bindal vs. ITO establishes that capital gains from share sales cannot be deemed sham, safeguarding taxpayer rights.
Analysis of Leelaben Kantilal Parekh Vs ITO (ITAT Mumbai) case discussing the validity of a reopening notice under section 148 and addition under section 69C for bogus purchases.
Explore the Jharkhand High Court’s decision in Pasari Casting vs. Income Tax Department, addressing a critical tax reassessment issue. A detailed analysis inside.
ITAT Bangalore directs re-evaluation of ex-parte assessment order on alleged bogus purchases by Kalu Singh. Detailed analysis and implications of the decision.
ITAT Mumbai held that documents seized from employees cannot be considered as having any evidentiary value and cannot be considered to have trustworthiness, since no other corroborative material was brought on record to support the veracity of the same. Hence, documents seized from employees cannot be relied upon for denying exemption u/s 11.
Delhi High Court ruling on PCIT vs. Thapar Homes Ltd. emphasizes issuing notices under Section 274 before the Income Tax Act’s limitation period. Full judgment analysis.
ITAT Delhi held that disallowance of purchases by treating it as bogus unjustified as the impugned purchases have been sold and the sales have been accepted as there cannot be any sale without purchases.
Explore the heavy tax implications on taxpayers for unexplained investments and expenditures under Income Tax Act sections 69 to 69C. Learn about penalties and consequences.
ITAT Chennai held that disallowance of expenditure towards helper allowance claimed as deduction u/s. 10(14)(i) of the Income Tax Act rightly sustained as no supporting documents submitted.
