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No Addition Permissible in Unabated AY Without Incriminating Material Found During Search: ITAT Deletes Rs. 7.25 Crore Addition [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) deleted ₹7.25 crore addition under Section 68, holding that no addition can be made in an unabated assessment year without incriminating...

No Addition Permissible in Unabated AY Without Incriminating Material Found During Search: ITAT Deletes Rs. 7.25 Crore Addition [Read Order]
Shreya Khandkar

Reassessment based on casual Non-Application of Mind and borrowed Satisfaction: ITAT Quashes Proceedings [Read Order]

The Guwahati Bench of the Income Tax Appellate Tribunal (ITAT) held that the AO had reopened the case with a "complete non-application of mind," relying on "borrowed satisfaction" from an...

Reassessment based on casual Non-Application of Mind and borrowed Satisfaction: ITAT Quashes Proceedings [Read Order]
Franklin Joshva

S. 68 Not Attracted as Repayment Established by Banking Channels: ITAT upholds Deletion of ₹2.90 Cr Addition [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal and where an assessee establishes the identity, creditworthiness, and genuineness of a transaction ...

S. 68 Not Attracted as Repayment Established by Banking Channels: ITAT upholds Deletion of ₹2.90 Cr Addition [Read Order]
Franklin Joshva

No S.68 Addition on Sale of Inherited Jewellery Backed by Valuation Report: ITAT [Read Order]

The Income Tax Appellate Tribunal, Mumbai Bench (ITAT) has held that in the case where the sale of inherited jewellery is supported by a valuation report prepared by a government-approved valuer...

No S.68 Addition on Sale of Inherited Jewellery Backed by Valuation Report: ITAT [Read Order]
Advika Dwivedi

Survey Statement alone cannot Justify Bogus Purchase Additions: ITAT Deletes ₹3.60 Cr Addition u/s 68 [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has held that additions under Section 68 of the Income Tax Act, 1961 cannot be sustained solely on the basis of statements recorded during...

Survey Statement alone cannot Justify Bogus Purchase Additions: ITAT Deletes ₹3.60 Cr Addition u/s 68 [Read Order]
Advika Dwivedi

Calcutta HC Rejects S.68 Appeal as Tax Effect Falls Below ₹2 Crore Limit Under Circular No. 9/2024 [Read Order]

The Calcutta High Court declined to entertain a revenue appeal challenging the deletion of an addition made under Section 68 of the Income Tax Act, 1961, holding that the tax effect involved was...

Calcutta HC Rejects S.68 Appeal as Tax Effect Falls Below ₹2 Crore Limit Under Circular No. 9/2024 [Read Order]
Advika Dwivedi

ITAT Sets Aside ₹6.90 Cr Share Premium Addition for Non-Consideration of Assessee’s Evidence [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the addition of ₹6,90,45,000 made under Section 68 of the Income Tax Act, 1961, holding that both the Assessing Officer...

ITAT Sets Aside ₹6.90 Cr Share Premium Addition for Non-Consideration of Assessee’s Evidence [Read Order]
Akhaigha T Josh

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