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The ITAT Indore ruled that the taxation of unexplained cash credit is invalid if the books of accounts are rejected, particularly in light of the significant increase in cash deposits during the demonetization period. The taxpayer, Dharmendra Doshi, who runs Parsvnath Industries, a proprietorship that deals in plastic scrap and old bottles, submitted an income […]
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 […]
According to the Delhi Bench of the Income Tax Appellate Tribunal (ITAT), the assessing officer was not justified in taking severe measures and rejecting audited books of accounts based only on general observations that photocopies of the bills had been supplied in place of the original bills. Anubhav Sharma, a judge, and Pradip Kumar Khedia, […]
The Input Tax Credit (ITC) under the mechanism of Goods and Service Tax plays a crucial role for a business and if it is mismanaged, it might adversely affect its working capital. And The GST Act 2017 has laid down a set of rules for claiming and utilizing ITC by every taxpayer. Basics of Input […]
The Hyderabad Bench of the Income Tax Appellate Tribunal recently cancelled certain tax reassessment actions that had been started for several past years, specifically from 2014 to 2019. These actions were based on specific sections of the Income Tax Act, which deals with how taxes are assessed and reassessed by the government. In simple terms, […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has removed the INR 26.35 lakh addition made to cash deposits during the demonetization period, marking that the Revenue Department had accepted the sales and purchases without rejecting the books of accounts. The taxpayer/applicant, Shivinder Pal Singh, appealed against the order on 26.10.2023 for the Assessment […]
The Chhattisgarh High Court carried an ex-parte assessment u/s 144 of the Income Tax Act, 1961, against a taxpayer who failed to take part in assessment proceedings or describe the cash deposit source of ₹11,44,070 in his bank account. The bench Justices Sanjay K Agrawal and Amitendra Kishore Prasad remarked that under sections 68 and […]
The Delhi ITAT while granting exemption on agricultural income under section 10(1) ruled that the taxpayer being an agriculturalist would not need to maintain books of account as per Sec 44AA. Section 44AA of the Income Tax Act deals with the maintenance of books of accounts by specific persons maintaining on business or profession. Single […]
In the matter of Pilani Industrial Corporation Limited Vs ACIT, heard by the Income Tax Appellate Tribunal (ITAT) Delhi, the issue is of cash deposits at the time of the demonetization period. The petitioner, Pilani Industrial Corporation Limited, argued against the assessment order of the Assessing Officer (AO) for the treatment of cash deposits amounting […]
