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No addition can be made on Unexplained Credit Amount in the Bank Account of Assessee: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that no addition can be made on unexplained credit amount appearing in the bank...

B. COM Vacancy in Hitachi

GST Portal Enables New Functionality of Bank Account Validation

GST Refund sanction amount: Telangana HC orders Provisional release of Bank Account

ITAT deletes Addition on Cash Deposits during Demonetization Period on Proper Explanation as to...

NRI’s Income or Deposit in Foreign Bank Account cannot be Taxed in India: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that Non-resident’s income or deposit in foreign bank accounts could not be taxed in India. Ananya Ajay Mittal, assessee is an...

Deposit of Huge Amount of SBN Notes in Bank Account: ITAT Confirms Income Tax Addition, Directs Authorities to Investigate Role of Bank Employees

While upholding an addition under section 68 of the Income Tax Act, 1961, the Income Tax Appellate Tribunal (ITAT), Hyderabad bench has directed the concerned authorities to investigate the role of...

No Addition u/s 69 of Income Tax Act when Cash Deposit, genuinely made in Bank Account: ITAT [Read Order]

A Division Bench of the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench held that no addition can be made under Section 69 of the Income Tax Act, 1961 when cash deposit, genuinely made in bank...

Misuse of Bank Account proved by Assessee through FIR and Charge sheet, ITAT directs Re-adjudication [Read Order]

The Allahabad bench of Income Tax Appellate Tribunal ( ITAT ) directed the appeal of assesse shri Roop Narayan Pandey for re-adjudication on the basis of proof of misuse of bank account of...

No Evidence of Rental receipt from Property: ITAT sustain Addition on Cash Deposits into Bank Account [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai sustained addition on cash deposits into bank account as there was no evidence of rental receipt from property. During the financial year relevant...

Attachment of Bank Account Due to Non-Payment of Interest u/s 50 of GST Act: Madras HC directs Fresh Adjudication [Read Order]

The Madras High Court, in a recent ruling, held that, revenue may redetermine the amount demanded after consideration of submissions to be made by the assessee and allowed the attachment of bank...

Business Income not to be confirmed merely on the basis Closing Bank Balance: ITAT [Read Order]

The Income Tax Appellate Tribunal,(ITAT) ‘SMC’ Bench Chandigarh, has recently, in an appeal filed before it, held that business income is not to be confirmed merely on the basis of closing bank of...

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