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Investment Source once accepted by AO cannot be Rectified using S.154: ITAT sets aside Income Tax Assessment Order [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the Income Tax Assessment Order, emphasizing that an Investment Source, once...

Non-disclosure of LTCG from Sale of shares does not Affect Revenue Interest, Revisionary Proceedings...

IT Department's Notice u/s 131 (1A) of Income Tax Act lacked basis, No Evidence of concealed Income:...

Pendency of Condonation Application: Kerala HC grants Interim Stay on Income Tax Recovery...

CEAT entitled to Interest on Income Tax Refund of Rs. 5.24 Cr as refund more than tax determined on...

Recoveries of farmer’s advances duly reflected in Cash Book, not Unexplained Cash credit u/s 68 of Income Tax Act: ITAT [Read Order]

The Chennai Bench, Income Tax Appellate Tribunal ( ITAT ) held that when recoveries of farmers advances were duly reflected in cash book of assessee it would not be treated as unexplained cash...

Rejection of application of exemption claimed u/s 80G of Income Tax Act on account of failure to produce documentary evidence: ITAT directs Readjudication [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Bangalore bench while observing the rejection of the application of exemption claimed under Section 80G of the Income Tax Act, 1961 on account of failure...

No Assessment Order shall be passed in name of Non Existing Company: ITAT upholds CIT(A) decision [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) comprising Rahul Chaudhary (Judicial Member) and Prashant Maharishi. ( Accountant Member ) directed to recompute the Arm...

Jewellery collection of married life of 25 to 30 years not treated as abnormal for levying tax: ITAT deletes addition [Read Order]

The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) comprising Yogesh Kumar Us (Judicial Member) and Pradip Kumar Kedia. (Accountant Member) while deleting the addition made by the...

ITAT directs to tax Cash Deposit coming out of store business at 8% [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore bench recently directed the Assessing officer to tax at 8% towards the cash deposit as coming out of the store business. The decision was...

Failure to prove Identity, Creditworthiness and Genuineness of receipt of Gift: ITAT upholds Addition made u/s 68 of IT Act [Read Order]

The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) comprising Saktijit Dey, (Vice-President) and M. Balaganesh, (Accountant Member) while upholding the addition made under...

Additional Income of Assessee cannot be treated as Concealed Income under Income Tax Act: Kerala HC [Read Order]

The Kerala High Court has held that additional income of assessee cannot be treated as concealed income for the purposes of Section 271(1)(c) of the Income Tax Act, 1961. It was held that the honesty...

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