Tag: section 115BBE

When the provisions of Section 69A are invoked burden of proof lies on the AO to establish source of unexplained money In a recent judgment, ITAT Delhi has held that settled law is that where the AO invoked the provisions of Section 69A of the Income Tax Act, …

Use of words, “either and or” in recording reasons to believe shows Ao was unsure of the facts and initiated proceedings in mechanical manner – ITAT In a recent judgment, ITAT Ahmedabad held that use of words, “either and or” in reasons to believe reveals that the Assessing …

ITAT quashed order passed by PCIT u/s 263 without mentioning specific Section under which AO should have made the addition In a recent judgment, ITAT Delhi has held that order passed by the PCIT under Section 263 without mentioning the specific charging Section under which the AO should …

Penalty u/s 271AAC deleted by ITAT as income surrendered was declared in revised return substituting original return. In a recent judgment, ITAT Jaipur deleted Penalty u/s 271AAC as income surrendered in survey u/s 133A by the assessee was declared in revised return filed which substituted the original return …

ITAT deleted addition u/s 68 in the case of Mrs Swapna Roy wife of deceased Subrata Roy of Sahara India for cash deposited in bank account In a recent judgment, the ITAT Delhi in the case of Mrs Swapna Roy wife of deceased Subrata Roy of Sahara India, …

No Revision u/s 263 when AO after careful examination and detail enquiry took a plausible view that the provisions of section 115BBE of the Act are not applicable. In a recent judgment, ITAT Amritsar held that where the Assessing Officer (AO) after careful examination of the submissions made …

Unexplained credits in bank statements are taxable under section 69 – High Court In a recent judgment, Hon’ble Madras High Court has held that unexplained credits in bank statements are taxable under section 69 as this provision applies to unexplained investments that are not recorded in books of …

Income surrender during survey on account of low GP rate not taxable to higher tax rate under deeming provisions u/s 115BBE – ITAT  In a recent judgment, the ITAT Chandigarh has held that mere fact that survey has been carried out on the business premises of the assessee …

Cash surrendered during survey not covered by deeming provisions of section 69 and 69A – ITAT In a recent judgment, ITAT Amritsar has held that excess cash found and surrendered during survey was not covered by deeming provisions of section 69 and 69A hence not taxable at higher …

Unless, discrepancy is found in physical quantities, assessee agreeing to increase stock value does not amount to undisclosed stock u/s 69B taxable u/s 115BBE In a recent judgment, ITAT Chennai has held that unless discrepancy is found in physical quantities, of stock, assessee merely agreeing to increase stock …