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Section 69A of the income tax act could merely be invoked in which the books of accounts are been maintained, Delhi High Court mentioned. The bench consisting of Justice Rajiv Shakdher and Justice Girish Kathpalia noted that the individual in question, a non-resident Indian, derives income in India from bank interest and income tax refunds […]
The Income Tax Appellate Tribunal (ITAT) Chennai in a ruling has dismissed the appeal by the Revenue (Assistant Commissioner of Income Tax) and the Cross Objections by the assessee, Prakash Ferrous Industries Private Limited, against the order of the Commissioner of Income Tax (Appeals) 18, Chennai on 23.03.2023 for the assessment year 2020-21. The Foundation […]
The addition was removed by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) under Section 69A of the Income Tax Act 1961 which states that the books of account and vouchers are not needed in returns filed under Section 44AD of the Income Tax Act. A search and seizure operation was conducted on the […]
The Delhi bench of the Income Tax Appellate Tribunal( ITAT) stated that Income tax addition u/s 69A could not be on the grounds of doubt. Ms Rano Jain, Adv. &Ms Mnsi Jain, CA appeared for the petitioner and Shri Om Parkash appeared for the respondent. Narender Kumar, the taxpayer opposes the order of Commissioner of […]
The matter of ACIT Vs Shanker Nebhumal Uttamchandani, as decided by ITAT Surat, emphasizes the importance of substantial proof in tax assessments, especially concerning additions incurred based on digital device data. The Assessing Officer (AO) had incurred the additions to the taxpayer’s income based on particulars discovered in the digital device at the time of […]
The Rajasthan High Court set aside the order that was passed against the petitioner on the charge that the income levied to tax for the AY 2015-16 has escaped the assessment under the purview of section 147 of the Income Tax Act 1961. Bijendra Singh, the taxpayer, contended that the show cause notice was premised […]
Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that the cash availability with distinct firms is enough to elaborate on the cash revealed at the time of the investigation. The assessing officer assessed the 9 group references and firms as well as accepted the in-hand cash availability in the respective books of accounts, the […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled the taxpayer had elaborated, deposits were being incurred in the way of cash withdrawals which would be functioned before for the intention of the marriage of her daughter. Bench, Saktijit Dey (Judicial Member) saw that a taxpayer who explained the case was reasonable if […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, during deleting the addition under section 69A of the income tax act 1961 held that the cash gift through the brother and sister does not be treated as “unexplained.” The taxpayer, Ms. Ritu Jain claimed that towards the poor health of her husband, the taxpayer’s sister had […]
