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Unexplained Cash Credit Addition u/s 68 unsustainable as Advances from Associate Concern Accepted in Earlier Years: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal and held that the provision of Section 68 of the Income...

No Evidence of Price Rigging or Bogus Share Transactions: ITAT Quashes S. 68 Addition [Read Order]

Lack of Valid Approval under Section 153D: ITAT quashes Income Tax Assessment [Read Order]

Rs. 3.5 Lakh Gift from Daughter Treated as Unexplained Cash by AO: ITAT Deletes Addition, Accepts...

₹7 Crore Share Sale Treated as Unexplained Cash Credit u/s 68: Karnataka HC Upholds ITAT Decision,...

Documentary Evidence Clears Loan Trail: ITAT Quashes ₹1.63 Crore Addition u/s. 68, Appeal Allowed [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench deleted an addition made under Section 68 of the Income Tax Act, 1961, holding that the impugned sum received from a private company was a...

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...

ITAT Upholds Deletion of ₹11.73 Cr Unexplained Cash Credit Addition Citing AO's Reliance on Unverified STR Information [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) upheld the deletion of an addition of Rs. 11,73,52,801 made by the Assessing Officer (AO) as unexplained cash credits under Section 68 and...

Unexplained Cash Credits Taxable Despite Rejected Books: ITAT Upholds ₹6.58 Crore Addition [Read Order]

The Tribunal upheld the addition of Rs. 6.58 crore as unexplained cash credits under Section 68 and ruled that such additions are permissible even when the assessee’s books of accounts are rejected....

Additions Without Concrete Evidence and Show Cause Notice Violates Natural Justice: ITAT deletes all Additions, Dismisses Revenue’s Appeal [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the deletion of multiple additions made purely on estimates and without issuing a proper show cause notice, holding that such...

ITAT Rejects ₹1.17 Crore Addition as Unexplained Cash Credit on LTCG from Shares due to Lack of Evidence [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) rejected the addition of Rs. 1,17,78,534/- as unexplained cash credit on Long-Term Capital Gain (LTCG) from shares due to lack of evidence....