Section 115BBE

Income Tax

Cooperative Bank Claimed Rs. 2.22 Crore Dividend Exemption Under Wrong Section; ITAT Allows Deduction Under Section 80P(2)(d) | Biz Flow Kit
Byadmin June 22, 2026

Cooperative Bank Claimed Rs. 2.22 Crore Dividend Exemption Under Wrong Section; ITAT Allows Deduction Under Section 80P(2)(d) The Income Tax Appellate Tribunal (ITAT) Delhi held that a genuine claim of depreciation cannot be denied, nor can provisions of Section 69 read with Section 115BBE be invoked merely because the depreciation amount was disclosed in an…

Read More Cooperative Bank Claimed Rs. 2.22 Crore Dividend Exemption Under Wrong Section; ITAT Allows Deduction Under Section 80P(2)(d) | Biz Flow Kit
Income Tax

Shri Saibaba Charitable Trust Claimed Nil Income but Faced Tax on Rs. 49,321 Donation Expense; ITAT Rules Section 115BBE Tax Rate Cannot Apply | Biz Flow Kit
Byadmin June 14, 2026

Shri Saibaba Charitable Trust Claimed Nil Income but Faced Tax on Rs. 49,321 Donation Expense; ITAT Rules Section 115BBE Tax Rate Cannot Apply The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has held that the provisions of Section 115BBE of the Income Tax Act, 1961, are attracted only in cases where additions are made under…

Read More Shri Saibaba Charitable Trust Claimed Nil Income but Faced Tax on Rs. 49,321 Donation Expense; ITAT Rules Section 115BBE Tax Rate Cannot Apply | Biz Flow Kit
Income Tax

ITAT Delhi Upholds Disallowance of Section 80GGC Deduction on Rs 3 Lakh Political Donation Treated as Accommodation Entry | Biz Flow Kit
Byadmin June 14, 2026

ITAT Delhi Upholds Disallowance of Section 80GGC Deduction on Rs 3 Lakh Political Donation Treated as Accommodation Entry The Income Tax Appellate Tribunal, Delhi, held that mere proof of payment through banking channels and production of donation receipts would not, by themselves, establish the genuineness of the claim. The assessee is a salaried employee and…

Read More ITAT Delhi Upholds Disallowance of Section 80GGC Deduction on Rs 3 Lakh Political Donation Treated as Accommodation Entry | Biz Flow Kit
Income Tax

ITAT Delhi Deletes Rs 9.41 Crore Addition on Demonetisation Cash Deposits Holding Suspicion Alone Cannot Justify Addition | Biz Flow Kit
Byadmin June 6, 2026

ITAT Delhi Deletes Rs 9.41 Crore Addition on Demonetisation Cash Deposits Holding Suspicion Alone Cannot Justify Addition The Income Tax Appellate Tribunal (ITAT) Delhi held that where cash sales were duly recorded in books, supported by stock records and VAT returns, the addition could not be sustained merely on suspicion regarding the timing of sales…

Read More ITAT Delhi Deletes Rs 9.41 Crore Addition on Demonetisation Cash Deposits Holding Suspicion Alone Cannot Justify Addition | Biz Flow Kit
Income Tax

No Additional Sustainable Cash When Deposits Are Properly Recorded in Books: ITAT | Biz Flow Kit
Byadmin May 28, 2026

No Additional Sustainable Cash When Deposits Are Properly Recorded in Books: ITAT ITAT deleted the addition on demonetisation cash deposits after finding that the assessee had adequately explained the source through the recorded opening cash balance and agricultural income. The present case is filed by Ambalal Shambhudas Patel against the order of the Commissioner of…

Read More No Additional Sustainable Cash When Deposits Are Properly Recorded in Books: ITAT | Biz Flow Kit
Income Tax

ITAT Admits Additional Evidence in NRI Foreign Remittance Tax Dispute | Biz Flow Kit
Byadmin May 27, 2026

ITAT Admits Additional Evidence in NRI Foreign Remittance Tax Dispute The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) remanded the matter back to the Dispute Resolution Panel (DRP) after admitting additional evidence filed by an NRI assessee to substantiate foreign remittances received in his NRE bank accounts. The Tribunal held that documents relating…

Read More ITAT Admits Additional Evidence in NRI Foreign Remittance Tax Dispute | Biz Flow Kit
Income Tax

Third-Party Software Entries Alone Cannot Justify Section 69 Addition: ITAT | Biz Flow Kit
Byadmin May 21, 2026

Third-Party Software Entries Alone Cannot Justify Section 69 Addition: ITAT The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) on 15 May deleted an addition of Rs 16.05 lakh made under Section 69 of the Income-tax Act, 1961, holding that uncorroborated third-party digital data and general statements recorded during search proceedings cannot, by themselves,…

Read More Third-Party Software Entries Alone Cannot Justify Section 69 Addition: ITAT | Biz Flow Kit
Income Tax

No Section 69A Addition Where Family Jewellery Exceeds Seized Assets | Biz Flow Kit
Byadmin April 9, 2026

A search under Section 132 was conducted on the Passi family group, during which substantial jewellery, cash, and foreign currency were found from residential premises and lockers. The Assessing Officer treated part of the jewellery as unexplained on the ground that item-wise reconciliation with wealth tax returns and purchase invoices was not satisfactory. Accordingly, additions…

Read More No Section 69A Addition Where Family Jewellery Exceeds Seized Assets | Biz Flow Kit
Income Tax

Voluntary Disclosure of Income Cannot Be Retracted Without Proof of Coercion: High Court | Biz Flow Kit
Byadmin March 1, 2026

Voluntary Disclosure of Income Cannot Be Retracted Without Proof of Coercion: High Court The appellant, Shri Narayan Rao Hebri, a 71-year-old individual, was subjected to a survey operation under Section 133A of the Income-tax Act. During the survey, the assessee voluntarily offered an additional income of Rs. 1.25 Crores for the Assessment Year 2017-18 through…

Read More Voluntary Disclosure of Income Cannot Be Retracted Without Proof of Coercion: High Court | Biz Flow Kit
Income Tax

ITAT Quashes Revision in Demonetisation Cash Deposit Case; No ‘Lack of Inquiry’ Found | Biz Flow Kit
Byadmin February 22, 2026

ITAT Quashes Revision in Demonetisation Cash Deposit Case; No ‘Lack of Inquiry’ Found Sikka Infrastructure Pvt. Ltd. filed its return for AY 2017-18 declaring NIL income. The original assessment under Section 143(3) was completed without additions. The case was later reopened under Section 148 due to cash deposits of Rs. 2.06 crore during demonetisation. In…

Read More ITAT Quashes Revision in Demonetisation Cash Deposit Case; No ‘Lack of Inquiry’ Found | Biz Flow Kit