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Unexplained Money

No Incriminating Material: ITAT Quashes Search Assessments over Mechanical 153D Approval, Deletes Additions u/s 153A [Read Order]

Sandhra Suresh

In a significant ruling reinforcing procedural safeguards in search assessments, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has...

ITAT Grants Assessee One More Opportunity to Substantiate Claims regarding S.69A in interest of...

ITAT Deletes ₹4.97 Lakh Income Tax Addition as ‘Unexplained Money’ on Surrendered ICICI Life...

Bank Account Opened Fraudulently in Assessee’s Company, AO adds Rs. 15 cr as Protective Addition:...

Cash Deposits during Demonetisation: ITAT deletes Addition u/s 69A of Income Tax Act [Read Order]

Revenue Challenges ₹2.41 Crore Deletion by CIT(A): ITAT Confirms Stamp Paper Purchases for Customer as Source, Dismisses Appeal [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) confirmed the deletion of Rs. 2.41 crore by asserting the Stamp Paper purchases as the source of income of the assessee and dismissed the...

AO added Rs.89,49,138 u/s 69A as unexplained money, Taxpayer submitted paper book explaining each entries: ITAT Remands Matter for Reconsideration [Read Order]

The Ranchi Bench of Income Tax Appellate Tribunal (ITAT) remanded the addition of Rs. 89,49,138 under section 69A of the Income Tax Act matter back to the Commissioner of Income Tax (Appeals)...

Inadequate Decision by CIT(A) on Rs. 11.45 Lacs Unexplained Money Addition: ITAT Remits Matter [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) remitted the matter back due to inadequate discussion by the Commissioner of Income Tax(Appeals)/National Faceless Assessment...

Rs.19 Lakh ‘Unexplained Money’ with Golgappa Vendor: ITAT Remands Income Tax matter Directing Opportunity for Personal Hearing [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chandigarh recently remanded an income tax matter while directing the provision of personal hearing opportunity to a golgappa vendor who landed in a soup,...

Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under Income Tax Act [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Unexplained money under the Income Tax Act, 1961 as the amount was the old loan converted into share allotment....

Provisions of sections 115BBE will not be applied on Surrendered Income which cannot be treated as unexplained money u/s 69A of Income Tax Act: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench, held that provisions of Section 115BBE would not be applied to surrendered income, which could not be treated as unexplained money under Section...

Acceptance of Demonetized Currency from 08.11.2016 Contrary to RBI Notification:ITAT Directs AO to Accept 50% Cash Deposits as Sale Proceeds received in Cash and Balance as Unexplained Money

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to accept 50% of cash deposits as sale proceeds received in cash and balance as unexplained money as...