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Undisclosed Income

Addition of ₹6 Crores Based on Director’s Statement During Search: ITAT Upholds CIT(A) Deletion [Read Order]

Sneha Sukumaran Mullakkal

The Ranchi Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals)[ CIT(A)]’s deletion of a ₹6 crore...

Time Gap between Cash Withdrawal and Deposit Insufficient to treat amount as Undisclosed Income u/s ...

Failure of AO to Prove Nexus b/w Post- Dated Cheque and Undisclosed Income: ITAT Upholds deletion of...

ITAT deletes Penalty u/s 271AAA of Income Tax Act Due to Lack of Opportunity to Explain Undisclosed...

Cash Deposited in Bank Account as a result of Earlier Withdrawal can't be treated as Undisclosed...

Section 269ST Applies to Undisclosed Income Declared During Survey: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that Section 269T of the Income Tax Act 1961 would apply to undisclosed income which was declared during the survey proceedings. ...

No Penalty under Section 271AAA(2) when Assessee Disclosed Undisclosed Income in Section 132(4) Statement: ITAT [Read Order]

The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that the penalty cannot be imposed under Section 271AAA(2) when the assessee disclosed undisclosed income in a statement...

ITAT upholds Penalty under Section 271AAA on Failure of Assessee to Substantiate Source and Manner of Undisclosed Income [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, has recently, in an appeal filed before it, on failure of the assessee to substantiate the source and manner of undisclosed income, upheld the...

‘’Notional Interest cannot be taxed as Income’’, ITAT deletes Addition of Undisclosed Income [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently deleted an addition made on undisclosed income and observed that notional interest cannot be taxed as income. The assessee,Sh....

ITAT upholds Addition made u/s 69 on Unaccounted, Undisclosed Income on the basis of the Seized Loose Papers [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently upheld the addition made under Section 69 of the Income Tax Act 1961 on unaccounted, undisclosed income on the basis of the seized...

Income Tax Exemption cannot be granted since Share Transactions found as Sham and Used as a Device to Make Undisclosed Income Accountable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Pune Bench recently in an appeal held that income tax exemption cannot be granted since share transactions are found as sham and used as a device to make...

No Search Conducted on Assessee: ITAT upholds Deletion of Penalty u/s 271AAB on Undisclosed Income [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT), has held that no search was conducted on the assessee and upholds the deletion of penalty under section 271AAB on undisclosed income. The...