Section 68 Addition deleted as Assessing officer has used extensive enquiries made by the Investigating wing : High Court HIGH COURT OF DELHI Principal Commissioner of Income-tax v. Vikas Telecom Ltd. MANMOHAN AND NAVIN CHAWLA, JJ. IT APPEAL NO. 112 OF 2020 CM APPL. NO. 6464 OF 2020 DECEMBER 15, 2021 JUDGMENT Navin chawla, J. – This appeal… Read More »
LOAN लेने पर देना पड़ेगा INCOME TAX I 5 Rules I NEW CHANGE by Budget I CA Satbir Singh
Section 68 Addition if Creditor has sufficient Funds in Bank Accounts The assessee had discharged its onus of proving identity of the creditors, genuineness of the transactions and credit-worthiness of the creditors which finding of fact stood affirmed by the Tribunal. HIGH COURT OF BOMBAY Principal Commissioner of Income-tax-1 v. Ami Industries (India) (P.) Ltd.… Read More »
Share sold through Stock Exchange are not Sham Transactions The transactions were carried through Demat account and banking channel on which STT has been paid by assessee. The report of the SEBI was not adverse in nature against the assessee because name of the assessee did not appear therein for conducting dubious transaction. The report… Read More »
SUPREME COURT OF INDIA Principal Commissioner of Income-tax, 3 v. E Smart Systems (P.) Ltd. ROHINTON FALI NARIMAN AND NAVIN SINHA, JJ. SPECIAL LEAVE PETITION (CIVIL) DIARY NO. 40473 OF 2018 DECEMBER 3, 2018 A.N.S. Nadkarni, ASG, Ms. Swarupama Chaturvedi, Adv., H.R. Rao, Adv. and Mrs. Anil Katiyar AOR for the Petitioner. ORDER 1. Delay condoned. 2. The Special Leave Petition is dismissed. 3. Pending… Read More »
ITAT Delhi ACIT, Vs Smt. Prem Anand Appeal Number : I.T.A. No. 3514/DEL/2014 Date of Judgement/Order : 13/04/2017 Assessment Year : 2008-09 Ld. CIT(A) has rightly observed that the assessee is not required to explain source of source of the fund gets buttressed by the amendment made in section 68 with effect from 01.04.2013, which… Read More »