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Income Tax Addition

No Income Tax Addition u/s 68 Based On Mistaken Identity and Third Party Confirmation: ITAT Sets Aside ₹20 L Addition Against Finance Co. [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench recently held that an addition based upon a third party confirmation in a case of mistaken...

ITAT Upholds Deletion of ₹1.73 Cr Labour Income Addition as Assessee Had Already Disclosed Income in...

Mere Inclusion of Scrip in ‘Penny Stock’ List without Material Evidence of Price Manipulation Not...

Unsigned Stock Statement Plea Not Enough to Escape Addition when OD Benefit Undisputed: P&H HC [Read...

₹1.38 Cr Income Tax Addition on Unaccounted Profit from Business Transaction: ITAT Directs Fresh...

Perverse Finding by CIT(A) from Same Documents before AO: Chhattisgarh HC sustains Deletion of ₹4.89 Cr Income Tax Addition [Read Order]

The Chhattisgarh High Court recently dismissed an appeal filed by a Deputy Commissioner Of Income Tax, noting that no new evidence had been produced at any of the appellate stages that were not...

Supreme Court dismisses Revenue’s Plea on Income Tax Addition from Sale of Penny Stock Shares for 154-Day Delay [Read Order]

The Supreme Court of India recently dismissed a Special Leave Petition (SLP) instituted by the Principal Commissioner of Income Tax, noting that the case which pertained to additions on the basis of...

Real Estate Broker’s Excel Sheet Triggers ₹48 Lakh ‘On-Money’ Income Tax Addition: ITAT Gives Relief to Homebuyer [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) granted relief to a homebuyer after an income tax addition of Rs. 48 lakh was made on the allegation of on-money payment based...

Consultant Failed Him’: ITAT remands ₹18.5L Income Tax Addition on Differently Abled Taxpayer, Condones 600+ days Delay [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad bench, has remanded a matter of a ₹18.55 lakh income tax addition made against a 60% differently-abled taxpayer, after finding that the assessee...

Unsecured Loan Genuine and Merely Carried Forward from Earlier Year, Not Fresh Borrowing: ITAT Deletes Rs. 2.50 Cr Income Tax Addition u/s 68 [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee, observing that the unsecured loan was carried forward from an earlier year and not taken in the ...

Failure to Establish Three Essential Ingredients: ITAT upholds Income Tax Addition u/s 68 on Accommodation Entries [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) comprising Dr. S. Seethalakshmi (Judicial Member) and Shri Gagan Goyal (Accountant Member) have allowed Revenue’s appeals against an...

₹1.30 Cr Cash Deposits Not ‘Unexplained’ u/s 68: ITAT Relies on Books of Account to Reject Survey-Based Income Tax Addition [Read Order]

The Jaipurbench of Income Tax Appellate Tribunal (ITAT) held that when the cash sales were duly recorded in the books of account, they could not be treated as unexplained under Section 68 and...