Income Tax : A practical guide explaining Sections 68 to 69D, burden of proof, judicial principles, litigation strategy and documentation requi...
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 : ITAT Delhi deleted Section 68 and bogus purchase additions, holding no incriminating material existed for concluded assessments an...
Income Tax : ITAT Delhi quashed assessments for multiple years, citing defects in reassessment approvals, non-supply of material, invalid reope...
Income Tax : Tribunal held that omission to mention the exact charging provision did not vitiate the assessment where unexplained cash and bull...
Income Tax : The Tribunal emphasized that once sales are entered in regular books and supported by stock records, the burden shifts to the Reve...
Income Tax : ITAT held that additions relying merely on investigation wing reports and retracted statements, without direct incriminating evide...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
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).
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 Ahmedabad held that revisionary jurisdiction under section 263 of the Income Tax Act cannot be invoked as AO exercised a plausible and legally valid view and revisionary jurisdiction cannot be invoked merely because PCIT holds a different view.
Article explains how surrendered income is treated under I.T Act, particularly focusing on applicability of Sections 68 to 69D and related provisions.
Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from penalty and prosecution, by accepting the explanation ‘in the spirit of settlement’ cannot be faulted.
