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Cash Deposit of ₹10 Lakh Claimed as Gift from Deceased Grandmother Lacked Evidence: ITAT Grants Partial Relief by Deleting ₹5 Lakh [Read Order]

Sneha Sukumaran Mullakkal

The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) partly allowed the appeal of the assessee, noting that the ₹10 lakh cash deposit claimed as...

Addition of Rs. 6.75 Lakh Gifts from Sister and Father-in-Law by AO: ITAT Deletes Addition, Accepts...

Senior Citizen’s Demonetization ₹10.46L Deposits Explained as Prior Withdrawals: ITAT Sets Aside...

Retd IAS officer’s Demonetization Cash Deposit Addition of ₹23.33 Lakh Cut to 50%: ITAT applies 30%...

Wedding Gifts Not Taxable under Income Tax: ITAT deletes ₹10 Lakh Cash Deposit Addition [Read Order]

Tax Consultant’s Negligence and Rural Location Causes 253-Day Appeal Delay: ITAT Remands Cash Deposit Case for fresh Adjudication [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) has condoned a delay of 253 days in filing an appeal and observed that the delay was due to the assessee’s location in a backward...

ITAT Deletes ₹3 Crore Addition Made on Cash Deposits During Demonetization: Upholds Gold Jewellery Firm’s Sales as Genuine [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the deletion of a ₹3.02 crore addition made under Section 68 of the Income Tax Act. The case involved Ankit Gold Ltd., a...

ITAT Strikes Down Reassessment Due to Wrong Authority’s Approval, Co-op Society Wins Appeal [Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) quashed reassessment proceedings against a cooperative credit society after finding the tax department used an unauthorized officer's approval...

Cash Deposit Addition of ₹9 Lakh: ITAT Remands With One More Opportunity For Production of Documentary Evidence [Read Order]

The Cuttack Bench of the Income Tax Appellate Tribunal ( ITAT ) restored the appeal of Tapas Kumar Chanda to the Commissionerof Income Tax (Appeals)[ CIT(A) ] with a direction to grant one more ...

Unexplained Cash Deposit During Demonetisation Led to Addition in Income: ITAT Restores Matter to AO [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer (AO) noting that the assessee had failed to properly explain a cash deposit of Rs. 26.5...

Cash Deposit From Prior Withdrawals a Substantiated Source: ITAT Partly Grants Relief of Rs.10.50 Lakh for Deposit During Demonetization [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has granted relief of Rs.10,50,000 by accepting that cash deposits during the demonetization period were sourced from prior...

Prior Cash Withdrawals For Medical Treatment: ITAT Deletes ₹29.24 Lakh Cash Deposit Addition [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition of Rs. 29,24,571, which was sustained by the Commissioner of Income Tax (Appeals) [CIT(A)] as unexplained ...