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Reassessment on Demonetization Cash Deposits already Examined in Original Assessment Held Void ab Initio: ITAT [Read Order]

Sandhra Suresh

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has held that reconsideration of demonetisation period cash deposits already examined in...

Error in Reading Jewellery Sale as Purchase Costs CIT(A); ITAT Orders Fresh Look at Cash Deposit...

ITAT quashes Ex-Parte Order in Real Estate Cash Deposit Case Directing Fresh Hearing on Income Tax...

Cash Deposit of Rs. 8 Lakh from Sale of Casuarina Trees Treated as ‘Income from Other Sources’: ITAT...

Cash Deposit of ₹10 Lakh Claimed as Gift from Deceased Grandmother Lacked Evidence: ITAT Grants...

Addition of Rs. 6.75 Lakh Gifts from Sister and Father-in-Law by AO: ITAT Deletes Addition, Accepts Proof of Receipt [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 6.75 lakh gifts from the sister and father-in-law made by the Assessing Officer (AO ), accepting the proof...

Senior Citizen’s Demonetization ₹10.46L Deposits Explained as Prior Withdrawals: ITAT Sets Aside Cash Deposit Addition u/s 69A [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has held that cash deposits made by the assessee during the demonetization period were explained as being sourced from earlier...

Retd IAS officer’s Demonetization Cash Deposit Addition of ₹23.33 Lakh Cut to 50%: ITAT applies 30% Tax u/s 115BBE [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has allowed the appeal by the assessee by restricting the addition of demonetization cash deposits to 50% and held that the...

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

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ), while deleting an addition of ₹10L made as unexplained cash deposit under Section 69A of the Income Tax Act, 1961, held that...

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...