![Sale Proceeds Recorded in Books Cannot be Recharacterized as Unexplained Cash Credit: ITAT Deletes Addition [Read Order]](https://images.taxscan.in/h-upload/2025/11/27/500x300_2108388-unexplained-cash-credits.webp "Sale Proceeds Recorded in Books Cannot be Recharacterized as Unexplained Cash Credit: ITAT Deletes Addition [Read Order]")
Sale Proceeds Recorded in Books Cannot be Recharacterized as Unexplained Cash Credit: ITAT Deletes Addition [Read Order]
The Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT) has held that once the books of accounts and the resultant trading results are...
![2 Persons, 1 PAN: Madras HC Orders Income Tax Dept to Allot New Number After Original Holder Denied Loans Over Low CIBIL [Read Order]](https://images.taxscan.in/h-upload/2025/11/27/250x150_2108346-2-persons-1-pan-madras-high-court-taxscan.webp "2 Persons, 1 PAN: Madras HC Orders Income Tax Dept to Allot New Number After Original Holder Denied Loans Over Low CIBIL [Read Order]")
![Sale Proceeds Recorded in Books Cannot be Recharacterized as Unexplained Cash Credit: ITAT Deletes Addition [Read Order]](https://images.taxscan.in/h-upload/2025/11/25/250x150_2107947-sale-proceeds-cash-credits.webp "Sale Proceeds Recorded in Books Cannot be Recharacterized as Unexplained Cash Credit: ITAT Deletes Addition [Read Order]")
![Proper Course of Action for Assessment Based on Information from Search must be u/s 153C: ITAT Rules S. 147 Invocation Invalid [Read Order]](https://images.taxscan.in/h-upload/2025/11/25/250x150_2107827-assessment-based-on-information-taxscan.webp "Proper Course of Action for Assessment Based on Information from Search must be u/s 153C: ITAT Rules S. 147 Invocation Invalid [Read Order]")
Bank Holidays Do Not Justify Cash Payments Exceeding Statutory Limit: ITAT Rejects Assessee’s Claim u/r 6DD of Income Tax Rules [Read Order]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the payments was not made on banking holidays and held that the assessee failed to establish the conditions required for...
![Bank Holidays Do Not Justify Cash Payments Exceeding Statutory Limit: ITAT Rejects Assessee’s Claim u/r 6DD of Income Tax Rules [Read Order]](https://images.taxscan.in/h-upload/2025/11/27/500x300_2108301-bank-holidays-cash-payments-exceeding-statutory-limit-itat-rejects-assessees-claim-ur-6dd-income-tax-rules-taxscan.webp "Bank Holidays Do Not Justify Cash Payments Exceeding Statutory Limit: ITAT Rejects Assessee’s Claim u/r 6DD of Income Tax Rules [Read Order]")
Reduction in Shareholding Due to Fresh Allotment is Not a 'Transfer or Relinquishment of Right': ITAT Deletes ₹2.53 Cr Capital Gain Addition [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) granted substantial relief by confirming the deletion of a Short-term Capital Gain addition of ₹2,53,20,000/- for the Assessment Year (AY)...
![Reduction in Shareholding Due to Fresh Allotment is Not a Transfer or Relinquishment of Right: ITAT Deletes ₹2.53 Cr Capital Gain Addition [Read Order]](https://images.taxscan.in/h-upload/2025/11/25/500x300_2107797-245724a6-5b2d-4c72-89d9-c07c8adadce0.webp "Reduction in Shareholding Due to Fresh Allotment is Not a Transfer or Relinquishment of Right: ITAT Deletes ₹2.53 Cr Capital Gain Addition [Read Order]")
Heavy Rainfall Valid Reason for Income Tax Delay: Karnataka HC Quashes Commissioner's Order [Read Order]
The High Court of Karnataka held that heavy rainfall valid reason for Income tax delay and quashed the commissioner’s order. The petition challenged an order dated 24.02.2021 passed by the Principal...
![Heavy Rainfall Valid Reason for Income Tax Delay: Karnataka HC Quashes Commissioners Order [Read Order]](https://images.taxscan.in/h-upload/2025/11/26/500x300_2108171-heavy-rainfall-incomtax-delay-karnatakahc-taxscan.webp "Heavy Rainfall Valid Reason for Income Tax Delay: Karnataka HC Quashes Commissioners Order [Read Order]")
Interest Income Earned by Credit Co-operative Society from Co-operative Bank is Eligible for Deduction u/s 80P(2)(d): ITAT [Read Order]
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) confirmed that interest and dividend income earned by a primary credit co-operative society from investments made with a co-operative bank...
![Interest Income Earned by Credit Co-operative Society from Co-operative Bank is Eligible for Deduction u/s 80P(2)(d): ITAT [Read Order]](https://images.taxscan.in/h-upload/2025/11/26/500x300_2108041-co-operative-bank-co-operative-society.webp "Interest Income Earned by Credit Co-operative Society from Co-operative Bank is Eligible for Deduction u/s 80P(2)(d): ITAT [Read Order]")
Taxpayer to Prove Fund Flow of Loans through Partner's Repayments to HUFs: ITAT Remands Unsecured Loan Addition Matter [Read Order]
The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) remanded the matter ₹35,00,000 to the Commissioner of Income Tax (Appeals) [CIT(A)] to allow the assessee to prove the complete fund ...
![Taxpayer to Prove Fund Flow of Loans through Partners Repayments to HUFs: ITAT Remands Unsecured Loan Addition Matter [Read Order]](https://images.taxscan.in/h-upload/2025/11/25/500x300_2107762-tat-remands-unsecured-loan-addition-matter-taxscan.webp "Taxpayer to Prove Fund Flow of Loans through Partners Repayments to HUFs: ITAT Remands Unsecured Loan Addition Matter [Read Order]")
AO Erred by Recording Consolidated Satisfaction Note for Multiple AY's: ITAT Quashes S.153C Assessment [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) quashed the assessment orders passed under Section 153C for the Assessment Years (AY) 2015-16 and 2016-17, on the fundamental legal ground...
![AO Erred by Recording Consolidated Satisfaction Note for Multiple AYs: ITAT Quashes S.153C Assessment [Read Order]](https://images.taxscan.in/h-upload/2025/11/26/500x300_2108145-ao-satisfaction-note-itat-assessment-taxscan.webp "AO Erred by Recording Consolidated Satisfaction Note for Multiple AYs: ITAT Quashes S.153C Assessment [Read Order]")