![Estimation of Gross Profit Rate and Unverifiable Purchases: ITAT Upholds CIT(A)s Decision to Limit GP to 1% [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/04/Unverifiable-Purchases-ITAT-Gross-Profit-Rate-taxscan.jpg "Estimation of Gross Profit Rate and Unverifiable Purchases: ITAT Upholds CIT(A)s Decision to Limit GP to 1% [Read Order]")
Estimation of Gross Profit Rate and Unverifiable Purchases: ITAT Upholds CIT(A)'s Decision to Limit GP to 1% [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]'s decision to limit the gross profit...
![No Addition u/s 68 in Partnership Firm’s Hands if Credit is in Partner’s Capital Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Addition-Partnership-Firm-Capital-Account-ITAT-taxscan.jpeg "No Addition u/s 68 in Partnership Firm’s Hands if Credit is in Partner’s Capital Account: ITAT [Read Order]")
![Share Premium as Capital Account Transactions for Issuance of Shares not Taxable Income: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Bombay-High-Court-Share-premium-taxation-Capital-account-transactions-Issuance-of-shares-capital-receipts-taxscan.jpg "Share Premium as Capital Account Transactions for Issuance of Shares not Taxable Income: Bombay HC [Read Order]")
![Addition made on capital gain on revaluation of land to partners are not sustainable under law for Conversion of partnership firms can be considered only in the hands of the firms under Section 47(xiii)(b): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Addition-capital-gain-revaluation-land-partners-law-Conversion-partnership-firms-hands-firms-ITAT-TAXSCAN.jpg "Addition made on capital gain on revaluation of land to partners are not sustainable under law for Conversion of partnership firms can be considered only in the hands of the firms under Section 47(xiii)(b): ITAT [Read Order]")
![Taxpayer should be given Reasonable Opportunity to provide his Submission as per the Principles of Nature Justice: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Taxpayer-Reasonable-Opportunity-Submission-Principles-of-Nature-Justice-ITAT-directs-Readjudication-Readjudication-ITAT-taxscan.jpg "Taxpayer should be given Reasonable Opportunity to provide his Submission as per the Principles of Nature Justice: ITAT directs Readjudication [Read Order]")
Credits to Capital Account shown as Gift from assessee's Aunt are not Unexplained Credits :ITAT deletes Addition [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the credits to capital account shown as gift from assessee's aunt are not unexplained credits. Therefore,...
![Credits to Capital Account shown as Gift from assessees Aunt are not Unexplained Credits :ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Credits-Capital-Account-Gift-Aunt-Unexplained-Credits-ITAT-deletes-Addition-income-tax-income-tax-taxscan.jpg "Credits to Capital Account shown as Gift from assessees Aunt are not Unexplained Credits :ITAT deletes Addition [Read Order]")
Mere Mistake in Declaring Fund Transfer between Proprietorship Business and Proprietor does not Warrant Addition: ITAT [Read Order]
The Amritsar Bench of Income Tax Appellate Tribunal ( ITAT ) has held a mere mistake in declaring fund transfer between proprietorship business and proprietor would not warrant addition. During...
![Mere Mistake in Declaring Fund Transfer between Proprietorship Business and Proprietor does not Warrant Addition: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Fund-Transfer-Business-Warrant-ITAT-Income-Tax-Taxscan.jpg "Mere Mistake in Declaring Fund Transfer between Proprietorship Business and Proprietor does not Warrant Addition: ITAT [Read Order]")
“A Right Tax has to be Collected from Right Person”, CPC bound to Correct Wrong Adjustment made through Automated Process: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) observed that “ a right tax has to be collected from right person” and held that Centralised Processing Centre (CPC) is bound to correct...
![“A Right Tax has to be Collected from Right Person”, CPC bound to Correct Wrong Adjustment made through Automated Process: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/right-tax-tax-CPC-automated-process-ITAT-Taxscan.jpg "“A Right Tax has to be Collected from Right Person”, CPC bound to Correct Wrong Adjustment made through Automated Process: ITAT [Read Order]")
ITAT deletes disallowance on Account of Interest Paid on Debit Balances of Capital Account with other firms [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench deleted the disallowance on account of interest paid on debit balances of capital account with other firms. The assessee, Rajesh Madanmohan...
![ITAT deletes disallowance on Account of Interest Paid on Debit Balances of Capital Account with other firms [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/ITAT-disallowance-account-of-interest-paid-debit-balances-capital-account-firms-Taxscan.jpg "ITAT deletes disallowance on Account of Interest Paid on Debit Balances of Capital Account with other firms [Read Order]")
Capitalising Amounts by Transferring to Capital Account without Crediting to Profit and Loss Account attracts Penalty: ITAT [Read Order]
In a recent case, the Income Tax Appellate Tribunal ( ITAT ) Delhi upheld the view of Assessing officer(AO) that on one hand the assessee had made the borrowers and paid interest on such borrowers and...
![Capitalising Amounts by Transferring to Capital Account without Crediting to Profit and Loss Account attracts Penalty: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/09/Capital-Asset-Taxscan.jpg "Capitalising Amounts by Transferring to Capital Account without Crediting to Profit and Loss Account attracts Penalty: ITAT [Read Order]")