Income Tax : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
Income Tax : SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all fa...
Income Tax : An overview of Sections 68-69D of India's Income-tax Act, which empower tax authorities to assess unaccounted income from unexplai...
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 : 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...
Income Tax : ITAT held that additions relying merely on investigation wing reports and retracted statements, without direct incriminating evide...
Income Tax : The Tribunal condoned a 298-day delay in filing appeal, holding that substantial justice must prevail over technicalities. It dele...
Income Tax : The Tribunal ruled that when purchases are disallowed as non-genuine without questioning the source of payment, section 69C cannot...
Income Tax : The Tribunal ruled that the enhanced tax rate under Section 115BBE cannot be applied retrospectively for demonetisation-period tra...
Income Tax : The Tribunal held that revision cannot be based on alleged lack of enquiry when detailed verification was already done. A mere cha...
ITAT Chandigarh ruled that additional income offered by a taxpayer during a survey, derived from business-related discrepancies like excess cash or stock, must be taxed at normal business rates. The tribunal held that the punitive tax rate under Section 115BBE does not apply if the income is clearly established as business income and does not fall under the deemed income provisions (Sections 69 to 69D).
ITAT Jaipur held that gain not realized during the year under consideration cannot be taxed under the head capital gain or as income under the head profit and gains of business or profession by valuing unsold scrips at market value.
The ITAT Jaipur dismissed the assessee’s appeal, confirming the PCIT’s revisionary order under Section 263. The Tribunal ruled that the income declared as excess stock during a survey must be taxed under Section 115BBE at a higher rate because the assessee failed to prove a direct nexus between the excess stock and suppressed regular business profits.
ITAT Visakhapatnam upholds additions for demonetisation deposits but rules tax under section 115BBE for AY 2017-18 should apply at 30% instead of 60%.
An overview of Sections 68-69D of India’s Income-tax Act, which empower tax authorities to assess unaccounted income from unexplained credits, investments, and expenses.
ITAT Delhi held that applicability of section 115BBE of the Income Tax Act without initially fixing the addition under any of the charging provisions i.e. section 68, 69, 69A, 69B, 69C and 69D of the Income Tax Act is not tenable in the eye of law. Accordingly, appeal allowed.
Cash deposits made by assessee during the demonetization period were explained as being sourced from earlier withdrawals and household savings, and deleted the addition of ₹10,46,500 made under section 69A.
A Comprehensive Analysis of Undisclosed Incomes under Sections 68 to 69D of the Income-tax Act, 1961, Taxation of these Incomes Under Section 115BBE and Penalty Provisions under Sections 271AAC & 271AAD With Insights on Explained vs. Unexplained Income, Judicial Precedents & Finance Act, 2025 Amendments 1. Introduction & Legal Context. The robust and equitable functioning […]
ITAT Pune rules excess stock declared during survey is business income, not unexplained income under 115BBE, if linked to regular business activities.
ITAT Jodhpur partly allows appeal in Kishana Ram vs ITO, upholding additions related to capital discrepancies and agricultural income under Section 143(3).
