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Unexplained Income

Sale Advance Refunded Taxed as Unexplained Income: Madras HC stays Recovery for 90 Days, allows time to File Income tax Appeal [Read Order]

Navasree A.M

The Madras High Court, granted interim relief by staying recovery proceedings for 90 days in respect of an income tax demand raised against the...

ITAT Upholds ₹5.48 Lakh Brokerage Addition, Finds Seized Records Reflected Mock Trading, Not...

Speculation Income Addition and Unexplained Income Addition of ₹68.45 Lakh: ITAT Remits Matter for...

SBN Deposits Not Unexplained Income: ITAT Deletes ₹ 17.16 Lakh Addition u/s 69A, Holds...

Housewife Taxpayer Not Complied to Notices for Stock Transaction: ITAT Remits ₹11.16 Lakh...

₹5 Crore Income Tax Demand Dropped! CA Praises Faceless Appeal for Hassle & Corruption Free Process

A proposed tax addition of Rs. 5 crores was dropped during the faceless appeal process by the Income Tax Department. The case involved an alleged unexplained unsecured loan under Section 68 of the...

Mere Non-Appearance of Directors Cannot Justify Additions When Documentary Compliance is Complete: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that mere non-appearance of directors does not justify additions under Section 68 of the Income Tax Act, 1961, when the assessee has...

ITAT estimates Cheque Discounter’s Taxable Income at 10% of Cash and Other Credit due to Possible Revenue Leakage [Read Order]

In a notable ruling, the Surat Bench of the Income Tax Appellate Tribunal (ITAT) proceeded to estimate the taxable income of a cheque discounter at 10% of the cash and other credit amount disputed by...

Unexplained Income from Rigged Stock Trades: ITAT upholds Rs. 44L Addition [Read Order]

In a recent ruling, the Surat bench of the Income Tax Appellate Tribunal ( ITAT ) held that additions made under Section 68 of the Income Tax Act are accurate as the assessee failed to explain the...

Adjudication of Income Tax Appeal by CIT(A) w/o waiting for Remand Report from AO: ITAT Remands Matter

The Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam recently remanded a case arising from the decision of the Commissioner of Income Taxes (Appeals), National Faceless Appeal Centre, Delhi (...

Addition of Unexplained Income u/s 69 of Income Tax Act in absence of Proper Documents: Kerala HC allows one more Opportunity Considering Mental Illness of MD [Read Order]

In the case of the addition of unexplained income under section 69 of the Income Tax Act, 1961 made in the absence of Proper Documents, the Kerala High Court allowed one more opportunity to the...

Assessee has Sufficient Source of Income beyond Doubt for Investment in Immovable Property: ITAT deletes Addition for Unexplained Source of Income [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition for unexplained source of income as the assessee had sufficient source of income beyond the doubt for investment in...