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Section 68 of Income...

₹1.5 Crore Treated as Unexplained Cash Credit u/s 68: ITAT Upholds CIT(A)’s Deletion of Addition [Read Order]

Sneha Sukumaran Mullakkal

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld Commissioner of Income Tax(Appeals)[CIT(A)]’s order deleting a ₹1.5 crore...

ITAT Deletes ₹4.97 Lakh Income Tax Addition as ‘Unexplained Money’ on Surrendered ICICI Life...

Share Capital and Premium from NRI: ITAT Upholds Deletion of Addition u/s 68 as it Received through...

CIT(A) Deleted Unexplained Cash Deposit Additions without AO’s Remand Report: ITAT Remands Matter...

“Adequate and Effective Opportunity of Being Heard must be Provided”: ITAT Remands the Case to...

Win for WOW Entertainment: ITAT Deletes ₹1.44 Cr S.68 Addition Over Denial of Cross-Examination and Proven Loan Genuineness [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled in favor of WOW Entertainment and Media Private Limited, deleting a ₹1.44 crore addition under Section 68 of Income Tax Act,1961 over...

ITAT Strikes Down Reassessment based on Borrowed Satisfaction [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai held that reopening an assessment based solely on an external report, without the Assessing Officer’s (AO) independent application of mind, makes the...

Lack of awareness of Income Tax assessment proceedings u/s 148: ITAT remands matter with penalty [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the matter directing the Commissioner of Income Tax (Appeals) [CIT(A)] to reconsider additional evidence for additions made...

Reopening of Assessment u/s 147: ITAT upholds CIT(A) Decision, Finds Reassessment Beyond Jurisdiction [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal(ITAT) upheld the Commissioner of Income Tax(Appeals)[CIT(A)] decision in deleting the additions made under section 68 of Income Tax Act,1961,...

₹1 Crore Addition for Unexplained Loans: ITAT Deletes Addition due to Sufficient Evidence [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the ₹1 crore addition made under Section 68 of Income Tax Act,1961 for unexplained loans, due to sufficient evidence. Raj Kumari...

Verified Share Transactions with DEMAT Statements cannot be Treated as Bogus Income without Concrete Proof: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that share transactions backed by DEMAT statements and executed through stock exchanges cannot be treated as bogus income without...

AO not Legally Entitled to Calculates Sales on Hypothetical Basis ignoring Evidence: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Lucknow Bench, has ruled that Assessing Officer (AO) is not legally entitled to estimate sales on a hypothetical basis while ignoring documentary evidence....