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section 68 of the Act

Assessment Void Without Jurisdictional 143(2) Notice: ITAT Quashes ₹1.11 Cr Share Premium Addition u/s 68 [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) ruled that an assessment framed without issuance of a mandatory notice under Section...

Seizure Material Non-Reliable as it contained Numerous Errors, inconsistent Balances: ITAT Deletes...

ITAT Rejects ₹1.17 Crore Addition as Unexplained Cash Credit on LTCG from Shares due to Lack of...

Non-Prosecution of Appeal Due to Non-Issuance of Notices: ITAT Remits Matter to AO [Read Order]

Genuineness and Creditworthiness of Loans: ITAT Directs AO to Reassess Documents and Decide Matter...

Failure to File Return and Pay Tax: ITAT Remands Case to CIT(A) [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal(ITAT) remanded the case to the Commissioner of Income Tax(Appeals)[CIT(A)] after the appeal was dismissed due to the failure to file a return and...

₹44 Lakh Difference in Agricultural Income Calculation: ITAT calls on Income Tax Department to examine Assessee’s Generation Operations [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad recently directed the Income Tax Department to re-examine the agricultural operations of Sanjay Jayantibhai Patel, whose declared agricultural...

ITAT remands Case for Verification of Unexplained Investment and Loss Set-Off due to Insufficient Evidence [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the case back to the Assessing Officer (AO) for verification of the unexplained investment and loss set-off due to insufficient...

ITAT Overturns AO's Rejection of Books, deletes Addition of Cash Deposits as Unexplained Income Citing Lack of Evidence of Specific Discrepancies [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) overturned the Assessing Officer’s (AO) rejection of books and deleted the addition of Rs. 4,12,67,000 as unexplained income, citing the...

ITAT deletes Addition made by AO for Unsecured Loans, affirming Validity of Sources [Read Order]

The Visakhapatnam Bench of Income Tax Appellate Tribunal ( ITAT ) ruled to delete the addition made by the Assessing Officer ( AO ) for unsecured loans, affirming the validity of the sources provided...

Addition u/s 68 Should Be Restricted To Extent Of Gross Profit At Same Rate Of Genuine Purchases: ITAT [Read Order]

The Bench of the Income Tax Appellate Tribunal ( ITAT ) comprising observed that addition under section 68 of the Income Tax Act, 1961 should be restricted to extent of gross profit at same rate of...

Legitimacy of Income Not Established when Investment made from Share Premium Without Noticeable Business Activity: Calcutta HC [Read Order]

The Calcutta High Court observed that the legitimacy of income not established when investment made from share premium without noticeable business activity. The assessee filed the return of income...