Unexplained Moneys / Cash Credits: Sections 68 or 69A Cannot Be Invoked When Source Declared in Books Issue: Whether the Assessing Officer (AO) or Commissioner (Appeals) can invoke the provisions of Section 68 (Cash Credit) or Section 69A (Unexplained Moneys) of the Income-tax Act, 1961, for cash deposits made during the assessment year 2017-18, if… Read More »
Tribunal’s Quashing of Reassessment for Bogus LTCG Set Aside: AO’s Own Satisfaction and Evidence Not Considered by Tribunal Issue: Whether the Income Tax Appellate Tribunal (ITAT) was justified in quashing a reassessment order (under Section 147/148) that made additions under Section 68 (cash credit) for bogus Long-Term Capital Gains (LTCG) from penny stock trading, on… Read More »
I. Furnishing Expenses are Part of Cost of Improvement for Capital Gains if Integral to Habitable Flat Issue: Whether furnishing expenses, such as furniture, almirahs, bed sets, and electronics, can be considered as part of the “cost of improvement” for a residential flat under Section 48 of the Income-tax Act, 1961, thereby eligible for indexation… Read More »
Proportionate Disallowance of Exhibition Expenses Upheld: Indirect Benefits to Assessee-Partner Justify Partial Allocation Issue: Whether the Commissioner (Appeals) took a reasonable approach in allowing only 25% of exhibition expenses incurred by an assessee (a partner in a firm) on behalf of that firm as business promotion expenses, when the Assessing Officer (AO) had disallowed the… Read More »
Infrastructure Fee Deduction Restricted to 5% of Actual Advertising Receipts, Not Gross Bills Issue: Whether the Tribunal was justified in restricting the deduction for “infrastructure fee” under Section 37(1) of the Income-tax Act, 1961, to 5% of the actual advertising receipts, in accordance with the agreement, rather than allowing it on gross advertising bills. Facts:… Read More »
ITR PROCESSED ! WHAT TO DO FOR QUICK ITR PROCESSING AY 2025-26 INCOME TAX RETURN