Unexplained Capital Introduced By Partners Cannot Be Added As Cash Credit Under Section 68 In Hands Of Partnership Firm Unexplained Capital Introduced By Partners Cannot Be Added As Cash Credit Under Section 68 In Hands Of Partnership Firm Issue Whether an addition under Section 68 for unexplained cash credit can be made in the hands… Read More »
Addition Under Section 69 And Capital Gains Tax Quashed As Investment Source Stood Duly Explained Issue Whether addition made under Section 69 towards alleged unexplained cash investment in agricultural land is sustainable when the cash payment source is supported by bank withdrawals. Whether agricultural land situated beyond 8 kilometers from municipal limits (as per Notification… Read More »
Penalty Under Section 271(1)(c) Inapplicable Where Prepaid Tax Exceeds Assessed Tax In Reassessment Proceedings Penalty Under Section 271(1)(c) Inapplicable Where Prepaid Tax Exceeds Assessed Tax In Reassessment Proceedings Issue Whether a penalty for concealment of income under Section 271(1)(c) read with Explanation 3 and Explanation 4(c) can be levied when the tax deducted at source… Read More »
Technical Glitch In Delay Filing Form 10-IC Entitles Domestic Company To Concessional Tax Rate Under Section 115BAA Issue Whether a domestic company is entitled to the concessional rate of tax under Section 115BAA when Form 10-IC and the return of income were filed after the due date due to technical glitches on the e-filing portal,… Read More »
ITAT rules that profits earned by a Indian bank’s foreign branches (PEs) are non-taxable in India under Article 7(1) of applicable DTAAs. ITAT rules that profits earned by a Indian bank’s foreign branches (PEs) are non-taxable in India under Article 7(1) of applicable DTAAs. Issue Whether the business profits generated by the overseas branches (Permanent… Read More »
Reassessment Notice Quashed as Reopening Based on Original Scrutiny Records Amounts to Mere Change of Opinion Reassessment Notice Quashed as Reopening Based on Original Scrutiny Records Amounts to Mere Change of Opinion Issue Whether a reassessment notice under Section 148 based on Investigation Wing information can be sustained when the underlying transactions were fully disclosed… Read More »
Cash Sales Credited to Profit and Loss Account Cannot Be Added Again as Section 68 Cash Credits Issue Whether cash received from sales and already credited to the Profit and Loss Account as part of business turnover can be added again as unexplained cash credit under Section 68 of the Income-tax Act, 1961. Facts Original… Read More »
Unsubstantiated Additions Under Sections 68 and 69C for Repaid Unsecured Loans Deleted Unsubstantiated Additions Under Sections 68 and 69C for Repaid Unsecured Loans Deleted Issue Whether additions made towards unexplained cash credits under Section 68 and alleged commission expenses under Section 69C can be sustained when the unsecured loans were received via banking channels, bore… Read More »
No Movement of Shares in DEMAT Means No Transfer or Cash Addition; Write-Off Is Not Unexplained Expenditure Issue Whether an addition under Section 68 can be sustained as unexplained cash credit on a notional share transaction where no actual transfer of shares occurred in the DEMAT account, and whether the validity of such transaction warrants… Read More »
Disallowance of Interest Expenditure Deleted as AO Failed to Prove Business Funds Were Diverted for Personal Home Loans Issue Whether the disallowance of interest expenditure under Section 37(1) was justified when the accounts furnished by the assessee did not indicate that the interest claimed in the Profit and Loss account included any interest paid on… Read More »