![Source of Funds Adequately Explained: ITAT Deletes Addition under Section 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Income-Tax-Appellate-Tribunal-Section-68-of-the-Income-Tax-act-Income-Tax-Income-Tax-act-source-of-funds-taxscan.jpg "Source of Funds Adequately Explained: ITAT Deletes Addition under Section 68 of Income Tax Act [Read Order]")
Source of Funds Adequately Explained: ITAT Deletes Addition under Section 68 of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an addition under Section 68 of the Income Tax Act, 1961 concluding that the...
![Section 115BBDA of Income Tax Act Does not Apply to Domestic Company:Â ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Domestic-Companies-ITAT-deletes-additions-income-tax-sections-Section-115BBDA-TAXSCAN.jpg "Section 115BBDA of Income Tax Act Does not Apply to Domestic Company:Â ITAT deletes Addition [Read Order]")
![AOÂ cannot rectify an issue which already decided by way of appeal by CIT(A): ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/AO-rectify-appeal-CITA-ITAT-addition-taxscan.jpg "AOÂ cannot rectify an issue which already decided by way of appeal by CIT(A): ITAT deletes addition [Read Order]")
![Failure to examine Ownership and Leasehold Right of Property Sold on behalf of assessee: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Income-tax-appellate-tribunal-income-tax-acts-ITAT-readjudication-cases-ITAT-readjudication-on-property-sale-TAXSCAN.jpg "Failure to examine Ownership and Leasehold Right of Property Sold on behalf of assessee: ITAT directs Readjudication [Read Order]")
![I-T Reassessment Notices Based Solely on Information from Directorate General of GST is Invalid: Bombay HC quashes Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Bombay-high-court-notices-GST-Income-Tax-Re-Assessment-Notices-TAXSCAN.jpg "I-T Reassessment Notices Based Solely on Information from Directorate General of GST is Invalid: Bombay HC quashes Notice [Read Order]")
ITAT directs to Verify Real Intention of Trust regarding Purchase of Land for Construction of School Building [Read Order]
The two member bench of Bangalore Income Tax Appellate Tribunal ( ITAT ) directed to verify the real intention of trust regarding the purchase of land for the construction of a school building. ...
![ITAT directs to Verify Real Intention of Trust regarding Purchase of Land for Construction of School Building [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-land-for-construction-school-building-construction-companies-ITAT-orders-TAXSCAN.jpg "ITAT directs to Verify Real Intention of Trust regarding Purchase of Land for Construction of School Building [Read Order]")
ITAT upholds Cash Sales of Business of Trading of Gold/Silver Jewellery during Demonetisation Period were Bonafide [Read Order]
The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) upheld that cash sales of business of trading of gold /silver jewelry during the demonetisation period were bonafide. The...
Disallowance u/s 57(ii) of Income Tax Act allowable on Expenses Incurred wholly for earning Income from Other Sources: ITAT [Read Order]
The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has held that disallowance under section 57(ii) of the Income Tax Act, 1961 is allowable on expenses incurred wholly for earning Income...
![Disallowance u/s 57(ii) of Income Tax Act allowable on Expenses Incurred wholly for earning Income from Other Sources: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Disallowance-Income-Tax-Act-Expenses-Income-Other-Sources-ITAT-taxscan.jpg "Disallowance u/s 57(ii) of Income Tax Act allowable on Expenses Incurred wholly for earning Income from Other Sources: ITAT [Read Order]")
Merely making Entries in books not discharge initial burden of proof regarding claim of cost of Improvement of Assets: ITAT [Read Order]
In a recent case, the Chandigarh bench of Income Tax Appellate Tribunal (ITAT) held that merely making entries in books not discharge initial burden of proof regarding claim of cost of improvement of...
Addition u/s 68 Should Be Restricted To Extent Of Gross Profit At Same Rate Of Genuine Purchases: ITAT [Read Order]
The Bench of the Income Tax Appellate Tribunal ( ITAT ) comprising observed that addition under section 68 of the Income Tax Act, 1961 should be restricted to extent of gross profit at same rate of...
![Addition u/s 68 Should Be Restricted To Extent Of Gross Profit At Same Rate Of Genuine Purchases: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Updates-ITAT-2024-ITAT-ruling-Section-68-Rate-genuine-purchases-Gross-profit-TAXSCAN.jpg "Addition u/s 68 Should Be Restricted To Extent Of Gross Profit At Same Rate Of Genuine Purchases: ITAT [Read Order]")
Allegation Bogus Purchase: ITAT confirms Gross profit at 12 .5% as Sales are not Disputed [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal( ITAT) confirmed the addition made by Income Tax Authorities on the gross profit margin @ 12.5% on the alleged bogus purchase by the assessee....
![Allegation Bogus Purchase: ITAT confirms Gross profit at 12 .5% as Sales are not Disputed [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Allegation-Bogus-Purchase-ITAT-ITAT-mumbai-Income-Tax-taxscan.jpg "Allegation Bogus Purchase: ITAT confirms Gross profit at 12 .5% as Sales are not Disputed [Read Order]")