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Onus is on Income Tax Dept to Prove that Investments Made through Banking Channels is Doubtful: Allahabad HC [Read Order]

Kalyani B. Nair

The Allahabad High Court has ruled that the onus is on the Income Tax Department to prove that investments made through banking channels is doubtful....

Penalty Against Agriculturist for Accepting Loan Through Banking Channel u/s 269SS of IT Act, 1961:...

Unexplained Money u/s 69A Received Back through Banking Channel as Sale Consideration of Shares:...

Unexplained Money u/s 69A Received Back through Banking Channel as sale Consideration of Shares:...

Receipt of Money through Banking Channel would not Make Transaction 'Genuine' If Transaction is Not...

Loan amount received through proper Banking Channel and Confirmation Letter also filed: ITAT sets aside Addition as Genuineness of Transaction proved [Read Order]

Income Tax Appellate Tribunal (ITAT), Chennai sets aside addition as genuineness of transaction was proved by assessee as loan amount was received through proper banking channel and confirmation...

Marriage Gifts / Cash received through Banking Channel cannot be treated as source for Cash Deposits: ITAT deletes Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench while deleting the addition held that the marriage Gifts/Cash received through Banking Channel cannot be treated as a source for Cash...

Genuineness of Transactions can't be doubted since All Payments were made through Banking Channel: ITAT deletes Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench deleted the addition as all payments made through the banking channel. The assessee, M/s. Sreeleathers had filed return of income disclosing...

No Service Tax on Indian Bank acting as Mediator between Indian Exporter and Foreign Banker representing Foreign Importer: CESTAT [Read Order]

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Delhi bench has held that service tax cannot be levied on reverse charge mechanism basis on an Indian bank acting as a mediator between...

Gift from Daughter through Banking Channel can’t be treated as Unexplained: ITAT [Read Order]

In Padmalatha Tama vs. Income Tax Officer, the Hyderabad Bench of the Income Tax appellate tribunal (ITAT) held that gift from daughter through banking channel can’t be treated as unexplained. The...

Gift through Banking Channels can’t be treated as Genuine unless Conditions of S. 68 is satisfied: Delhi HC [Read Judgment]

In the Commissioner of Income Tax vs M.S Aggarwal the Delhi High Court reiterated the decision of Sumati Dayal versus Commissioner of Income Tax, Bangalore and held that a gift cannot be accepted as...

Expenditure on Payment of Service Tax cant be Deemed as Unexplained If Same was done through Banking Channel: ITAT [Read Order]

The Jabalpur bench of ITAT, on Wednesday held that the expenditure incurred on payment of service tax cannot be deemed as unexplained for the purpose of Income Tax Act if the same was done through...