![ITAT Deletes AOs Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Excess-stock-arisen-normal-business-income-business-stock-ITAT-TAXSCAN-1536x806-1.jpg "ITAT Deletes AOs Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]")
ITAT Deletes AO's Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]
The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the excess stock addition made by the assessing officer due to the...
![Advance received against booking of flats are not Unexplained Amount: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Advance-booking-of-flats-Unexplained-Amount-ITAT-TAXSCAN.jpg "Advance received against booking of flats are not Unexplained Amount: ITAT deletes Addition [Read Order]")
![Addition as Unexplained Purchase Expenses shall be made on failure to Establish any Evidence for Eviction of Encroacher: ITAT grants another Opportunity to Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Addition-Unexplained-Purchase-Purchase-Expenses-Evidence-for-Eviction-of-Encroacher-ITAT-ITAT-mumbai-taxscan.jpg "Addition as Unexplained Purchase Expenses shall be made on failure to Establish any Evidence for Eviction of Encroacher: ITAT grants another Opportunity to Assessee [Read Order]")
![Interest Income Generated on funds Owned by GOI is not an Income in hands of Appellant Company: ITAT deletes Addition made u/s 56 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Interest-Income-GOI-Interest-Income-Generated-on-funds-Owned-by-GOI-ITAT-deletes-Addition-ITAT-Income-Tax-Act-taxscan.jpg "Interest Income Generated on funds Owned by GOI is not an Income in hands of Appellant Company: ITAT deletes Addition made u/s 56 of Income Tax Act [Read Order]")
![Addition u/s 69 made due to Unavailability of Transaction Information: ITAT grants final Opportunity for Non-Compliance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Addition-Unavailability-of-Transaction-Information-Transaction-Information-ITAT-taxscan.jpg "Addition u/s 69 made due to Unavailability of Transaction Information: ITAT grants final Opportunity for Non-Compliance [Read Order]")
ITAT quashes Addition by AO towards Business Loss on ground of Absence of Speculation Loss of Share Capital Income [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) quashed the addition made by the Assessing Officer (AO) towards the business loss on the grounds of the absence of speculation loss of...
![ITAT quashes Addition by AO towards Business Loss on ground of Absence of Speculation Loss of Share Capital Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Addition-AO-Business-Loss-Speculation-Loss-Share-Capital-taxscan.jpg "ITAT quashes Addition by AO towards Business Loss on ground of Absence of Speculation Loss of Share Capital Income [Read Order]")
No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that no addition on account for sales suppression shall be made solely based on the abstract data by the Ministry of Textiles. ...
![No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/No-Addition-Account-Sales-Suppression-Solely-Abstract-Data-Ministry-of-Textiles-ITAT-TAXSCAN.jpg "No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]")
Merely on basis of Statement of Director of Vendor Company, Addition u/s 69B can't be made ignoring facts of Assessee Company: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that merely on the basis of the statement of the director of the vendor company an addition under Section 69B of the Income Tax Act,...
![Merely on basis of Statement of Director of Vendor Company, Addition u/s 69B cant be made ignoring facts of Assessee Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Merely-on-basis-of-Statement-Director-of-Vendor-Company-Vendor-Vendor-Company-taxscan.jpg "Merely on basis of Statement of Director of Vendor Company, Addition u/s 69B cant be made ignoring facts of Assessee Company: ITAT [Read Order]")
HRA not Paid to Deceased due to Allotment of Govt Accommodation: Delhi HC Upholds Addition of Allowance to Income [Read Order]
The Delhi High Court upheld the addition of House Rent Allowance (HRA) to Income as the HRA was not being paid to the deceased due to the allotment of government accommodation. United India...
![HRA not Paid to Deceased due to Allotment of Govt Accommodation: Delhi HC Upholds Addition of Allowance to Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/HRA-Deceased-Allotment-Government-Accommodation-Delhi-High-Court-Addition-Allowance-to-Income-TAXSCAN.jpg "HRA not Paid to Deceased due to Allotment of Govt Accommodation: Delhi HC Upholds Addition of Allowance to Income [Read Order]")
![ITAT Deletes Addition against Volkswagen on Account of Government Grants [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Deletes-Addition-Volkswagen-Account-of-Government-Grants-taxscan.jpg "ITAT Deletes Addition against Volkswagen on Account of Government Grants [Read Order]")
ITAT upholds Deletion of Addition u/s 69A upon Cash Found during Search after Demonetisation in Fiduciary Status as Director of Company [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has upheld the deletion of addition under Section 69A of the Income Tax Act 1961 upon cash found during search after demonetisation in...
![ITAT upholds Deletion of Addition u/s 69A upon Cash Found during Search after Demonetisation in Fiduciary Status as Director of Company [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Deletion-of-Addition-Cash-Found-Search-Demonetisation-Fiduciary-Status-Director-of-Company-taxscan.jpg "ITAT upholds Deletion of Addition u/s 69A upon Cash Found during Search after Demonetisation in Fiduciary Status as Director of Company [Read Order]")
ITAT upholds Deletion of Addition towards Disallowance of Interest on Borrowed Capital u/s.36(1)(iii) out of Commercial Expediency [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the deletion of addition towards disallowance of interest on borrowed capital under Section 36(1)(iii) of Income Tax Act, 1961 out...
![ITAT upholds Deletion of Addition towards Disallowance of Interest on Borrowed Capital u/s.36(1)(iii) out of Commercial Expediency [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Deletion-Addition-Disallowance-Interest-ITAT-upholds-Deletion-of-Addition-towards-Disallowance-of-Interest-Capital.jpg "ITAT upholds Deletion of Addition towards Disallowance of Interest on Borrowed Capital u/s.36(1)(iii) out of Commercial Expediency [Read Order]")