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Mahavir Singh

Credit Card Payments from Agricultural Income treated as Unexplained u/s 69C, Made Addition Based on Suspicion: ITAT Deletes Addition [Read Order]

Sneha Sukumaran Mullakkal

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 9.99 lakh made under Section 69C of Income Tax Act, 1961, where...

Individual Fails to Prove Cash Deposits as Land Sale Proceeds by Father: ITAT remits Matter back on...

Cash Sales Substantiated During Demonetization: ITAT Upholds ₹1.32 Cr Deletion of Cash Deposit...

Relief to Make My Trip: ITAT Quashes Revision Order Noting AO's Proper Inquiry on ESOP Expenses...

‘When Cash is Sourced out of Recorded Debtors, S. 69A cannot be invoked’: ITAT deletes Addition of...

Disallowance of Indexed Construction Costs for Lack of Evidence: ITAT allows 50% as Reasonable Estimate [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) allowed 50% of the claimed indexed construction costs as a reasonable estimate due to lack of sufficient evidence. Meena...

Circular Transactions proven by Father’s Bank Statement: ITAT upholds Peak Credit Assessment by CIT(A) [Read Order]

Recently, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld the peak credit assessed by the Commissioner of Income Tax (Appeals) [CIT(A)], owing to the circular transactions....

ITAT Upholds Deletion of Rs. 4 Crore Addition for Unexplained Expenditure, Citing Insufficient Evidence of Off-Book Payments [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the deletion of a Rs. 4 crore addition for unexplained expenditure under section 69C of Income Tax Act,1961, ruling that there was...

ITAT remands Case to CIT(A) for further Adjudication on AO's Corrigendum in Tax Assessment Orders [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the case to the Commissioner of Income Tax (Appeals) (CIT(A)) for further adjudication regarding the Assessing Officer's ( AO )...

ITAT dismisses Revenue's Appeal against Madras Cricket Club, Citing Tax Effect below Rs.60 Lakhs as per CBDT Guidelines [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) dismissed the Revenue's appeal against the Madras Cricket Club,the assessee for the Assessment Year (AY) 2009-10, citing a tax effect below...

Relief to ASAN Memorial Association: ITAT Approves Statutory Deduction Claim Despite Filing Error in Income Tax Return [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ITAT) granted relief to ASAN Memorial Association, allowing its statutory deduction claim under Section 11(1)(a) of Income Tax Act,1961 despite a...

ITAT upholds CIT(A) Ruling on Accounting Manipulation and Tax Evasion Due to Insufficient Evidence [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal(ITAT) upheld the ruling of the Commissioner of Income Tax (Appeals) [CIT(A)] regarding accounting manipulation and tax evasion due to insufficient...