Cash Deposits from Business Income during Demonetization cannot be treated as Unexplained Entirely: ITAT upholds 20% of Additions due to Unknown Source
The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) held that the cash deposits made during demonetization out of business income cannot be...
![Unexplained Cash Deposits during Demonetization: ITAT Limits Addition to ₹10 Lakhs Considering Possible Cash Sales [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/itat-demonetization-delhi-itat-cash-sales-cash-transaction-limit-income-tax.jpg "Unexplained Cash Deposits during Demonetization: ITAT Limits Addition to ₹10 Lakhs Considering Possible Cash Sales [Read Order]")
![Co-operative Society Eligible for Deduction u/s 80P(2)(d) on Interest Earned from Fixed Deposits in Co-operative Bank: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Ahmedabad-Co-operative-Bank-Co-operative-Society-Taxscan.jpg "Co-operative Society Eligible for Deduction u/s 80P(2)(d) on Interest Earned from Fixed Deposits in Co-operative Bank: ITAT [Read Order]")
![NRIs Investment in Mutual Funds Held as Legitimate, ITAT Dismisses Revenues Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/NRI-Investment-NRI-Investment-in-mutual-funds-Revenues-appeal-ITAT-ITAT-Dismisses-Revenues-Appeal-taxscan.jpg "NRIs Investment in Mutual Funds Held as Legitimate, ITAT Dismisses Revenues Appeal [Read Order]")
![Incorrect Invocation of S.69A for disclosed Cash Deposits: ITAT quashes Rs. 44.5 Lakh Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Delhi-Income-Tax-Appellate-Tribunal-Income-Tax-Section-69A-of-Income-Tax-Act-Section-69A-of-ITA-taxscan.jpg "Incorrect Invocation of S.69A for disclosed Cash Deposits: ITAT quashes Rs. 44.5 Lakh Addition [Read Order]")
Failure to respond to Income Tax Notice justified by Pathology Reports: Madras HC sets aside Assessment and Penalty Orders conditionally [Read Order]
The Madras High Court has conditionally set aside assessment and penalty orders issued against a petitioner for the assessment year 2015-16, citing health issues as a valid reason for failing to...
![Failure to respond to Income Tax Notice justified by Pathology Reports: Madras HC sets aside Assessment and Penalty Orders conditionally [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Madras-High-Court-Income-Tax-Notice-Madras-HC-Income-Tax-notice-penalty-case-TAXSCAN.jpeg "Failure to respond to Income Tax Notice justified by Pathology Reports: Madras HC sets aside Assessment and Penalty Orders conditionally [Read Order]")
Addition of ₹24.48 Lakh for Unexplained Cash Deposits: ITAT allows ₹15.48 Lakh, confirms ₹9 Lakh as Unexplained [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) partially allows ₹15.48 Lakh of the ₹24.48 Lakh addition for unexplained cash deposits, confirming ₹9 Lakh as unexplained due to...
![Addition of ₹24.48 Lakh for Unexplained Cash Deposits: ITAT allows ₹15.48 Lakh, confirms ₹9 Lakh as Unexplained [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Ahmedabad-Unexplained-Cash-Deposits-Income-Tax-Appellate-Tribunal-Income-Tax-taxscan.jpg "Addition of ₹24.48 Lakh for Unexplained Cash Deposits: ITAT allows ₹15.48 Lakh, confirms ₹9 Lakh as Unexplained [Read Order]")
Validity of Reopening u/s 148 for Verification Purposes: ITAT quashes Reopening as Legally Invalid [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the reopening of the case under section 148 of Income Tax Act,1961 ruling that the reassessment initiated for verification purposes...
![Validity of Reopening u/s 148 for Verification Purposes: ITAT quashes Reopening as Legally Invalid [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITATDelhi-section-148-of-Income-Tax-Act-Income-Tax-ITAT-Quashes-Reopening-Income-Tax-Appellate-Tribunal-taxscan.jpg "Validity of Reopening u/s 148 for Verification Purposes: ITAT quashes Reopening as Legally Invalid [Read Order]")
![ITAT Directs TPO to apply LIBOR Rate for Interest on Foreign Currency Receivables [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Bengaluru-Income-Tax-Appellate-Tribunal-LIBOR-Rate-Application-ITAT-Case-TAXSCAN.jpg "ITAT Directs TPO to apply LIBOR Rate for Interest on Foreign Currency Receivables [Read Order]")
Non-compliance due to notice issue only via email: ITAT Remands Cash deposits during Demonetization Matter [Read Order]
The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the matter concerning cash deposits made by the assessee during demonetization for fresh assessment considering the notice was...
![Non-compliance due to notice issue only via email: ITAT Remands Cash deposits during Demonetization Matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/cash-deposit.jpeg "Non-compliance due to notice issue only via email: ITAT Remands Cash deposits during Demonetization Matter [Read Order]")
![Genuineness of Share Capital: ITAT quashes Rs. 2.62 Crore Addition u/s 68 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/share-capital-ITAT-Section-68-ITAT-Quashes-taxscan.jpg "Genuineness of Share Capital: ITAT quashes Rs. 2.62 Crore Addition u/s 68 [Read Order]")
Income Tax Reassessment gone wrong: ITAT sets aside Order for Incorrect Invocation of Section 148 [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) quashed the reassessment initiated under an invalid notice issued under Section 148 of the Income Tax Act, 1961 and deleted additions amounting...
![Income Tax Reassessment gone wrong: ITAT sets aside Order for Incorrect Invocation of Section 148 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Delhi-Income-Tax-Reassessment-Taxscan.jpg "Income Tax Reassessment gone wrong: ITAT sets aside Order for Incorrect Invocation of Section 148 [Read Order]")