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Section 68 of Income...

Double Taxation: ITAT Deletes ₹19.03 Lakh Addition u/s 68 on Recorded Sales Receipts [Read Order]

Sneha Sukumaran Mullakkal

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the ₹19.03 lakh addition made under Section 68 of Income Tax Act,1961 on...

Purchase of Shares Accepted in Earlier AYs Cannot be Doubted Upon its Sale: ITAT Quashes ₹9.32 Cr...

Tribunal's Remand must be "Open" and Not Restrict Assessment Provisions: Kerala HC Clarifies ITAT...

Absence of PAN Alone Doesn’t Make Sales Unexplained if RTO Records Prove Transfer: ITAT Deletes...

ITAT Weekly Round-Up (14th September- 20th September)

Cash Withdrawals During Demonetisation Taxed u/s 68: ITAT Deletes ₹62 Lakh Addition treating them as Business Turnover [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) deleted ₹62 lakh addition under section 68 of Income Tax Act,1961, holding that cash withdrawals during demonetisation formed part of ...

₹7 Crore Share Sale Treated as Unexplained Cash Credit u/s 68: Karnataka HC Upholds ITAT Decision, Finds Transactions Genuine [Read Order]

The High Court of Karnataka, dismissed the Revenue’s appeal and upheld the Income Tax Appellate Tribunal (ITAT) decision, holding that the ₹7 crore share sale treated as unexplained cash credit...

Bank Passbook Evidence Validates Loan Transaction: ITAT deletes Addition u/s 68, Remands Interest Disallowance Issue [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai, ruled to delete an addition under Section 68 of the Income Tax Act, 1961, concerning unsecured loans. While granting this relief, the Tribunal...

Public Listed Companies need not to Prove Source of Source of Share Capital u/s 68: ITAT [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal ( ITAT ) held that public listed companies are not required to prove the source of the source of share capital under Section 68 of Income Tax...

₹4.24 Crore Received from Brother Treated as Unexplained Cash Credit: ITAT Upholds CIT(A) Deletion Citing Documentary and Third-Party Evidence [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) citing documentary and third-party evidence, upheld the Commissioner of Income Tax(Appeals)[CIT(A)]’s order deleting the ₹4.24 crore addition...

ITAT Deletes Unexplained Cash Credit Addition of ₹2.85 Lakh u/s 68 Due to Lack of AO Verification of Broker Documents [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the unexplained cash credit addition of ₹2.85 lakh under section 68 of Income Tax Act,1961,due to the Assessing Officer’s (AO) ...

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

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld Commissioner of Income Tax(Appeals)[CIT(A)]’s order deleting a ₹1.5 crore addition treated as an accommodation entry under...