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 Kolkata held that PCIT cannot exercise the revisionary jurisdiction to set aside the assessment where the AO has conducted enquiries and taken a plausible view accepting the contentions of the assessee.
ITAT Chennai held that Once, nature of expenditure and source is explained, then the question of making additions towards refund money as unexplained expenditure u/s. 69C of the Income Tax Act does not arise.
ITAT Mumbai held that initiation of reassessment proceedings under section 147 of the Income Tax Act based on the information received from the investigation wing is valid and sustainable in law.
ITAT Amritsar held that once source of surrendered income is proved to be business income, the same cannot be taxed as deemed income under section 69 read with section 115BBE of the Income Tax Act.
ITAT Chandigarh held that transaction not recorded at the time of survey qualify as unrecorded transactions, however, the assessee has provided the necessary explanation about the nature and source of such unrecorded transactions and hence invoking deeming provisions of section 69-69D of the Income Tax Act unjustified.
ITAT Delhi held that addition under section 69C of the Income Tax Act towards unexplained expenditure based on dumb documents not sustainable in law.
ITAT Rajkot held that invocation of revisionary jurisdiction u/s 263 non-invocation of section 115BBE of the Act on the addition made on account of unexplained sundry creditors u/s. 68 of the Act is duly justifiable.
Held that payment of interest on cash loan falls within the ambit of unexplained expenditure within the meaning of Section 69C of the Income Tax Act.
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act based on information received by AO from DDIT (investigation) justified subject to fulfilment of conditions as envisaged u/s 147/148.
ITAT Delhi held that addition on the basis of fall in gross profits without pointing out any specific discrepancy in accounts that resulted into suppression of true figure of gross profit is unsustainable in law.
