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Failure to verify New vs. Renewed Deposits on unsecured loans: ITAT Remits ₹2.62 Cr Issue for Fresh verification [Read Order]

Franklin Joshva

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) remitted the matter to the Assessing Officer (AO) for a fresh adjudication of the...

Assessee Fails to Prove Genuineness and Creditworthiness: ITAT upholds ₹75.6 Income Tax...

Accommodation Entries Received in Guise of Unsecured Loan from Shell Companies: ITAT Directs Revenue...

ITAT finds Unsecured Loans from Related Party on Account of Takeover Genuine as Actual Transaction...

AO adds unsecured loans as unexplained credit citing lenders' lack of creditworthiness: ITAT...

ITAT Remands Case Back to CIT(A) for Fresh Adjudication Over Unsecured Loans of Rs.1.42 Crore [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded a case involving unsecured loans of Rs.1.42 crore back to the Commissioner of Income Tax (Appeals), CIT(A) for fresh...

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...

ITAT Directs Readjudication with respect to Interest paid to Related Persons and Family Members for Availing of Unsecured Loans [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently directed readjudication with respect to interest paid to the related persons and family members for availing of unsecured loans. ...

Presence of Common Management and Unity of Control: ITAT rules Revenue cannot disallow Interest Expenditure [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the Revenue cannot disallow interest expenditure on the presence of common management and unity of control. The AO on...

ITAT directs Deletion of Disallowance of Interest on Unsecured Loans, as assessee paid Interest to Unsecured Loan Creditors on Opening Balances [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that since the assessee has paid the interest to the unsecured loan creditors on opening balances the order of the Commissioner of Income...

No Additions shall be made u/s 68 of Income Tax Act on Unsecured Loans if Assessee furnishes Proper Evidences: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that no additions shall be made under Section 68 of the Income Tax Act, 1961 on unsecured loans if the assessee furnishes proper...

Failure to Prove Authenticity of Loan Transactions: ITAT holds Unsecured Loans as Unexplained Cash Credits u/s 68 of Income Tax Act

The Raipur bench of Income Tax Appellate Tribunal (ITAT) has recently upheld the decision of the lower authority held that unsecured loans are unexplained cash credits under Section 68 of Income Tax...