Accordingly, the AO treated this amount as unexplained investment or income, proposing to tax the same under the relevant provisions of the Income Tax Act, possibly invoking Sections 69, 69B, or 69C, ...

The ITAT also noted that since these deposits were not recorded in the regular books of accounts, the provisions of Section 68 of the Income-tax Act (relating to unexplained cash credits) could not be ...

Surat considered whether a penalty under Section 272A(1)(d) of the Income Tax Act, 1961, could be levied for each instance of non-compliance with notices issued during assessment proceedings. The ...

CESTAT Mumbai held that the amount of Social Welfare Surcharge (SWS) payable would be ‘Nil’ in case where Basic Customs Duty (BCD) is Nil. Accordingly, the appeal is allowed.

ITAT Delhi held that addition merely on the basis of entries found in the seized diary without any corroborative evidence and without any independent enquiry by AO is not sustainable. Accordingly, ...

Surat ruled in favour of the assessee by deleting a penalty levied under Section 271(1)(c) of the Income Tax Act. The dispute arose after the assessee filed a return declaring ₹1.49 lakhs of income ...

KOL/2024, pertaining to AY 2008-09 to 2013-14, the primary legal challenge raised by the assessee concerned the validity of the assessment framed following a revisionary order under Section 263. The ...

Kolkata bench of the Income Tax Appellate Tribunal (ITAT) deleted a ₹1 crore penalty imposed under Section 271E on Sunil Kumar Kundu for alleged violation of Section 269T of the Income Tax Act. The ...

However, after considering the condonation petition and hearing both sides, the ITAT deemed the reasons for the delay to be genuine and sufficient, subsequently admitting the appeal for adjudication.

In a notable ruling, the ITAT Kolkata allowed assesse’s appeal holding that the assessment order passed u/s 144C (13) r.w.s. 143 (3) was beyond the statutory limitation peri-od. Despite the DRP ...

Delhi High Court held that IFCI Limited (Lender) is required to release the shares from the pledge as and when the loan is repaid by the borrower. Accordingly, Court directed IFCI to release the ...

ITAT Raipur held that due to non-response for assessee if addition of income is done as Form 26AS then obviously TDS credit ...