Read all Latest Updates on and about Unexplained Income

Top

Begin typing your search above and press return to search.

Home
»
Unexplained Income

SBN Deposits Not Unexplained Income: ITAT Deletes ₹ 17.16 Lakh Addition u/s 69A, Holds Demonetization Deposits Valid Until 31.12.2016 [Read Order]

Akhaigha T Josh

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has held that deposits of Specified Bank Notes (SBNs) made during the demonetisation...

Housewife Taxpayer Not Complied to Notices for Stock Transaction: ITAT Remits ₹11.16 Lakh...

₹5 Crore Income Tax Demand Dropped! CA Praises Faceless Appeal for Hassle & Corruption Free Process

Mere Non-Appearance of Directors Cannot Justify Additions When Documentary Compliance is Complete:...

ITAT estimates Cheque Discounter’s Taxable Income at 10% of Cash and Other Credit due to Possible...

Unexplained Income from Rigged Stock Trades: ITAT upholds Rs. 44L Addition [Read Order]

In a recent ruling, the Surat bench of the Income Tax Appellate Tribunal ( ITAT ) held that additions made under Section 68 of the Income Tax Act are accurate as the assessee failed to explain the...

Adjudication of Income Tax Appeal by CIT(A) w/o waiting for Remand Report from AO: ITAT Remands Matter

The Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam recently remanded a case arising from the decision of the Commissioner of Income Taxes (Appeals), National Faceless Appeal Centre, Delhi (...

Addition of Unexplained Income u/s 69 of Income Tax Act in absence of Proper Documents: Kerala HC allows one more Opportunity Considering Mental Illness of MD [Read Order]

In the case of the addition of unexplained income under section 69 of the Income Tax Act, 1961 made in the absence of Proper Documents, the Kerala High Court allowed one more opportunity to the...

Assessee has Sufficient Source of Income beyond Doubt for Investment in Immovable Property: ITAT deletes Addition for Unexplained Source of Income [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition for unexplained source of income as the assessee had sufficient source of income beyond the doubt for investment in...

Purchase and Sale of Share through Registered Stock Broker carried out through Demat Account cannot be Declared as Unexplained Income u/s 68 of Income Tax Act: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that AO was not justified in assessing the sale value of shares as unexplained cash credit in both the years under consideration and...

Obligation of Taxpayer is fulfilled when he establishes Identity, Credit Worthiness and Genuineness of Transaction concerning Unexplained Income u/s 68: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that discharging the initial onus cast by section 68 of the Act, the assessee has to establish (1) identity, (2) credit worthiness and...

ITAT allows 10% of Cash Deposits as Taxable Income in Absence of Evidence of Source u/s 69A of IT Act [Read Order]

The Rajkot bench of the Income Tax Appellate Tribunal (ITAT) has allowed only 10% of the cash deposits made by an assessee as taxable income, citing a lack of evidence of the source of the deposits...