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...
Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents.
ITAT Mumbai held that addition u/s 115BBE of the Income Tax Act unsustainable as present case doesn’t involve invocation of any of the sections i.e. section 68, 69, 69A, 69B, 69C & 69D of the Income Tax Act.
ITAT Hyderabad held that once additional income offered during survey was simply accepted and assessment order was passed u/s 143(3) of the Income Tax Act without invoking provisions of section 115BBE. Then, provisions of section 115BBE cannot be invoked via rectification as per section 154.
Section 68 cannot be invoked if Assessee not required to maintain books of account. Section 115BBE comes into operation only in case of income referred in Section 68/69/69A/69B/69C and 69D
Explore the tax implications of undisclosed income from Section 68 to Section 69D. Learn about tax rates, explanations, and conditions to avoid penalties. A comprehensive guide for students.
Can capital contribution of the individual partners credited to their accounts in the books of the firm be taxed as cash credit in the hands of the firm, where the partners have admitted their capital contribution but failed to explain satisfactorily the source of receipt in their individual hands?
As per section 68 of the Income Tax Act, any sum found credited in the books of a taxpayer, for which he does not explain the nature and source or the explanation provided by him is not satisfactory by the Assessing Officer is termed as ‘Cash Credit‘. Other provisions to be kept in mind with […]
