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₹5.01 Crore Suppressed Sales, But Only ₹10.02 Lakh Taxable ITAT Mumbai Says Unrecorded Turnover Cannot Automatically Be Treated as 100% Income A business can have unrecorded sa...
Accepted Sales Mean Purchases Cannot Be Ignored: ITAT Restricts Bogus Purchase Addition to 1% Can the Income Tax Department Treat Purchases as Bogus When the Corresponding Sales Ar...
Can the entire difference between a property’s actual purchase price and its stamp-duty value be added to the income of just one of its co-owners? A recent ruling by ITAT Mumbai ha...
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) stated that if both purchases and corresponding sales are fake, the entire purchase value cannot be added to income with...
The Mumbai ITAT has annulled a contentious Rs 18.4 crore tax addition for a housing society, stating the society served merely as a representative for its flat owners. The tribunal...
What appeared to be a filing lapse eventually turned into a tax penalty of Rs 3.74 lakh. The Income Tax Department took a strict view of the matter, maintaining that had the non-fi...
₹104.99 Crore Purchase Addition Deleted: Bogus Purchase Does Not Automatically Mean Unexplained Expenditure Bombay High Court Explains Why Section 69C Requires an Unexplained Sou...
Supreme Court sets aside GST proceedings against Tata Steel, holding that mechanical allegations of suppression cannot extend limitation.
This is the case of a 57-year old non-resident Indian (NRI) woman who ended up under-reporting her income when she filed her Income Tax Return, and the gap was huge.
The absence of an original ITR became a key issue. Although the department had information about the substantial sums held in his Indian accounts, there was no tax return on record...
Section 74 Cannot Be Invoked by Merely Using the Words “Fraud” or “Suppression” Supreme Court in Tata Steel says an SCN must disclose the foundational facts — not merely recite...
₹23.33 Crore Addition Deleted: ITAT Says Wrong ITR Column Is Not Undisclosed Income A clerical mistake in the ITR cannot become taxable income when the amount was already discl...
The Mumbai ITAT stated that one co-owner cannot be held accountable for the total tax discrepancy. The tribunal highlighted that the ownership shares had been explicitly recorded....
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) removed a Rs 23 lakh addition u/s 69A after considering that the money deposited by the taxpayer’s husband in her bank a...
Surrendered Excess Stock Cannot Be Used for Ad Hoc GP Addition: ITAT Delhi GRP Auto ruling highlights an important principle: excess stock found during survey must be properly acco...
No Tax, No Penalty: ITAT Mumbai Draws the Line on Section 270A Penalties for Charitable Trusts The introduction of Section 270A of the Income-tax Act marked a significant shift i...
Mumbai's Income-Tax Appellate Tribunal has declared that two flats can be categorized as a single residential house. This pivotal decision paves the way for taxpayers to leverage d...
A salaried employee’s failure to file his ITR after switching jobs led to a ₹3.74 lakh penalty, even though the TDS deducted by his employers was reflected in Form 26AS. ITAT Delhi...
Can Penalty Under Section 271(1)(c) Be Levied on Estimated Bogus Purchase Additions? ITAT Says No Estimated Additions Cannot Automatically Lead to Penalty for Concealment or Furn...
A tax tribunal has sided with property owners involved in redevelopment disagreements, annulling a significant Rs 1.3 crore tax increment on a newly developed property. The tribuna...
Section 54GB Exemption on Start-up Investment: ITAT Allows ₹1.48 Crore Deduction Proportionate investment qualifies, extended deadline applies and there is no ₹50 lakh cap, say...
Redevelopment of Housing Society: ₹18.40 Crore Capital Gain Cannot Simply Be Taxed in Society’s Hands Mumbai ITAT holds that a society acting on behalf of its members cannot be...
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