Judgement

The ITAT deleted a Section 68 addition under Section 68, holding that reassessment was unsustainable as NSEL records and bank statements showed no transactions during FY 2011-12.

ITAT Deletes Section 68 Unexplained Cash Credit Addition as NSEL Account Was Opened After FY 2011-12

News

The Income Tax Department has flagged 9,144 property documents across Uttar Pradesh, suspecting tax evasion worth Rs 5,121 crore amid missing records, incomplete PAN details and suspicious transactions.

Income Tax Department Suspects Rs 5,121 Crore Tax Evasion in Uttar Pradesh After Examining Over 26,000 Property Registration Documents

The GSTAT set aside the Section 129 penalty, holding that a genuine bill-to/ship-to transaction supported by valid invoices, e-way bills and movement records could not be penalised merely because the original supplier had not generated the e-way bills.

GSTAT: E-Way Bills Cannot Be Invalidated Merely Because They Were Not Generated by Original Supplier

The ITAT Mumbai holds that primary evidence of loan transactions shifts the onus to the AO.

ITAT Deletes Rs 2.06 Crore Addition Under Section 68 for Unsecured Loans

The ITAT Mumbai holds banking transactions alone cannot establish loan genuineness.


ITAT Upholds Section 68 Addition for Bogus Loans But Restricts Estimated Profit to 2% of Sales

A Lucknow CBI Court convicted two postal officials in a bribery case involving demands for illegal payments on recurring deposit transactions, sentencing them to three years and six months of imprisonment, respectively.

CBI Court Convicts and Sentences Two Postal Officials in Bribery Case Involving Recurring Deposit Accounts

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