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unexplained - investment - gold - taxscan

Unexplained Source of Investment on 4Kg Gold: ITAT Directs to Consider R. 46 Evidence Citing Improper Rejection [Read Order]

Franklin Joshva

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) restored the matter to the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh...

Form 10-IC - Income Tax Return - ITR filing - taxscan

Filing of Form 10-IC Prior to ITR Filing is Not Mandatory: Allahabad HC Condones delay considering...

Disallowance of Business Expenses Made Without Proper Justification: ITAT Restricts It to 10% of...

Addition of Rs. 46.87 Lakhs Based on Partner’s Seized Documents: ITAT Quashes Assessment for...

80IB(10) Deduction Denial for Housing Project: ITAT Restores ₹1.73 Cr Claim to AO Relying on SC...

Penny Stock Transactions Found Genuine: ITAT Deletes ₹1 Cr Addition Relying on SEBI Report and Sister Case Precedent [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) deleted additions under Sections 68 and 69C in a case involving penny stock transactions and held that the shares of Splash Media were ...

Section 69A Inapplicable For Audited Cash Deposits: ITAT Deletes ₹58.50 Lakh Unexplained Money Addition [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of Rs. 58,50,000 made under Section 69A of the Income Tax Act, 1961, as unexplained money and held that the provision...

Delhi HC Directs Refund of ₹15 Lakh With 4% Interest as Re-Credit Not Permissible Under Abolished Scheme [Read Order]

The High Court of Delhi, directed the refund of ₹15 lakh with 4% simple interest, holding that re-credit of the amount to the petitioner’s license was not permissible under the abolished re-credit ...

Non-Disclosure of ₹27.67 Lakh Interest Received u/s 244A: ITAT Holds It Taxable and Rejects Rectification Plea

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) held that ₹27.67 lakh received as interest under section 244A of Income Tax Act,1961, was taxable as “income from other sources” and...

Section 50C of Income Tax Act Not applicable retrospectively: Delhi HC upholds ITAT’s order Deleting ₹20.00 Cr Addition against Thomson Press Ltd

In a recent case, the Delhi High Court upheld the Income Tax Appellate Tribunals (ITAT’s) order deleting ₹20.00 Cr Addition against Thomson Press Ltd while holding that section 50 C of the Income...

Addition Based on Suspicion of Fictitious Profit via Client Code Modification Facility in F&O Segment Without Investigation Not Sustainable: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) in its recent ruling held that the addition made by the Assessing Officer(AO) on suspicion basis without any independent investigation ...

Project Completion Method Upheld: ITAT Deletes ₹3.56 Crore Addition for Real Estate Developer [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of Rs. 3,56,16,215 made by the Assessing Officer (AO) held that the assessee correctly followed the Project ...