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September 15, 2026   Case Laws Income Tax
Co-operative bank deposits: interest and dividends qualify for section 80P(2)(d) deduction despite exclusion applying to banks' own income.
September 15, 2026   Case Laws Income Tax
Subsisting charitable registration cannot be treated as nonexistent merely because an earlier application selected the wrong statutory sub-clause.
September 15, 2026   Case Laws Income Tax
Return filing was not a condition for section 10(23C) exemption in the relevant assessment year.
September 15, 2026   Case Laws Customs
Provisional bank-account attachment requires Commissioner's approval, written reasons and prior hearing before any extension can validly continue.
September 15, 2026   Case Laws Customs
Provisional release of seized goods remains available despite circular-based exclusions not authorised by the Customs Act.
September 15, 2026   Case Laws Customs
Export Obligation Discharge Certificate validates EPCG compliance, preventing customs duty demand, confiscation and penalties for alleged import-condition breaches.
September 15, 2026   Case Laws Customs
Customs confiscation requires objective proof of smuggling; uncorroborated retracted statements without cross-examination cannot sustain penalties.
September 15, 2026   Case Laws SEBI
Annulled securities trades require the Exchange to refund purchase consideration; delivery and indemnity clauses do not defeat liability.
September 15, 2026   Case Laws SEBI
Corporate capacity limits virtual digital asset investments when ancillary objects lack corresponding main-object authority for listing.
September 15, 2026   Case Laws Money Laundering
Equivalent-value attachment can reach pre-existing assets, but jointly owned property remains protected beyond the accused's attributable proceeds of crime.
September 15, 2026   Case Laws Central Excise
Brand-name use on goods, not invoices, preserves vanaspati exemption and defeats duty demand and penalty.
September 15, 2026   Case Laws VAT / Sales Tax
Statutory return periodicity governed tax payment due dates, invalidating interest and preserving writ relief where no appeal lay.
September 14, 2026   Notifications Income Tax
Depository SFT reporting requires half-yearly transaction data, capital-gain classification, secure filing, and corrections for inaccurate submissions.
September 14, 2026   Notifications Income Tax
Mutual fund capital-gains reporting requires RTAs to submit validated half-yearly SFT data and correct inaccuracies through revised statements.
September 14, 2026   Circulars IBC
Due diligence in insolvency requires closer inquiry and Adjudicating Authority applications where CIRP or liquidation appears fraudulent or malicious.
September 14, 2026   Circulars GST - States
Pre-registration physical verification becomes mandatory to prevent non-existent business registrations and support timely GST registration processing.
September 14, 2026   Case Laws GST
Supplier tax-payment condition for input tax credit faces constitutional challenge, while the High Court ruling remains stayed.
September 14, 2026   Case Laws GST
GST portal access for nil demand orders enables regular statutory appeals where disputed tax was deposited under protest.
September 14, 2026   Case Laws GST
Foundational facts in fraud-based GST notices are mandatory; unsupported fake-invoice input tax credit allegations cannot sustain proceedings.
September 14, 2026   Case Laws GST
Supplier certificates supporting GST payment can require fresh demand review when GSTR-1 contains an incorrect GSTIN.

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Home › Highlights › Income Tax › 2016 › August, 2016 › This
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Income Tax

Unexplained credit u/s 68 - peak credit theory - CIT(A) has...

Taxpayer's Claim to Apply Peak Credit Theory for Unexplained Credits Dismissed u/s 68 by IT Commissioner.

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Income Tax August 10, 2016 Case Laws AT
Unexplained credit u/s 68 - peak credit theory - CIT(A) has rightly rejected the claim of the assessee of adopting peak theory for considering unexplained credit - AT
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