![Transaction of Deposit by Assessee Company were Genuine: ITAT deletes Unexplained Credits u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Income-Tax-Act-ITAT-Delhi-income-tax-news-tax-news-taxscan.jpg "Transaction of Deposit by Assessee Company were Genuine: ITAT deletes Unexplained Credits u/s 68 of Income Tax Act [Read Order]")
Transaction of Deposit by Assessee Company were Genuine: ITAT deletes Unexplained Credits u/s 68 of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted unexplained credits under Section 68 of the Income Tax Act, 1961, as it found...
![Taxpayer Explains Source of Capital Enhancement in balance sheet: ITAT deletes addition of 89. 7 Lakhs u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Income-Tax-Act-ITAT-Delhi-Section-68-of-the-Income-Tax-Act-TAXSCAN.jpg "Taxpayer Explains Source of Capital Enhancement in balance sheet: ITAT deletes addition of 89. 7 Lakhs u/s 68 of Income Tax Act [Read Order]")
![ITR Filed without Regular Balance Sheet and Profit & Loss Account is Defective, not invalid; AO holds Responsibility for Notifying Defects: Supreme Court [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2024/01/itr-income-tax-returns-supreme-court-ITR-filing-defects-Supreme-Court-ruling-on-ITR-taxscan.jpg "ITR Filed without Regular Balance Sheet and Profit & Loss Account is Defective, not invalid; AO holds Responsibility for Notifying Defects: Supreme Court [Read Judgement]")
![Disallowance u/s 14 A of Income Tax Act Cannot Exceed Exempt Income: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Income-Tax-Act-Disallowance-Exempt-Income-Delhi-High-Court-Income-Tax-TAXSCAN.jpg "Disallowance u/s 14 A of Income Tax Act Cannot Exceed Exempt Income: Delhi HC [Read Order]")
Inadvertent Mistake due to Typographical Error in Calculating Total Income: ITAT Set Aside Revision Order [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has set aside the revision order as inadvertent mistake was due to the typographical error in calculating the total income. The issue...
![Inadvertent Mistake due to Typographical Error in Calculating Total Income: ITAT Set Aside Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Inadvertent-Mistake-Mistake-Typographical-Error-Total-Income-Income-ITAT-Revision-Order-ITAT-Set-Aside-Revision-Order-taxscan.jpg "Inadvertent Mistake due to Typographical Error in Calculating Total Income: ITAT Set Aside Revision Order [Read Order]")
Excise Duty Cannot be Demanded Merely based on difference in Sales Figures between Balance sheet and Excise Returns: CESTAT [Read Order]
The Kolkata bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that the excise duty cannot be demanded merely based on differences in sales figures between balance sheets...
![Excise Duty Cannot be Demanded Merely based on difference in Sales Figures between Balance sheet and Excise Returns: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Excise-Duty-Demanded-Merely-Based-on-Difference-in-Sales-Figures-Balance-sheet-and-Excise-Returns-CESTAT-TAXSCAN.jpg "Excise Duty Cannot be Demanded Merely based on difference in Sales Figures between Balance sheet and Excise Returns: CESTAT [Read Order]")
Actual Write-off of doubtful Debts from Corresponding amounts and shown in the Balance Sheet, Addition u/s 115 JB not sustainable: ITAT [Read Order]
The Income Tax Appellate Tribunal(ITAT), Ahmedabad bench held that when actual write-off of diminution in value of the asset from the corresponding amount of trade receivables and shown in the...
![Actual Write-off of doubtful Debts from Corresponding amounts and shown in the Balance Sheet, Addition u/s 115 JB not sustainable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/write-off-debts-balance-sheet-ITAT-taxscan.jpg "Actual Write-off of doubtful Debts from Corresponding amounts and shown in the Balance Sheet, Addition u/s 115 JB not sustainable: ITAT [Read Order]")
Rejection of Books of Account is a precondition for making reference to DVO: ITAT holds DVO report illegal [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore held that, the report of the District Valuation Officer (DVO) was illegal on the ground that rejection of books of account is a precondition for...
![Rejection of Books of Account is a precondition for making reference to DVO: ITAT holds DVO report illegal [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/books-of-account-DVO-ITAT-DVO-report-illegal-taxscan.jpeg "Rejection of Books of Account is a precondition for making reference to DVO: ITAT holds DVO report illegal [Read Order]")