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Addition u/s 69 of Income Tax Act Reduced without Considering Proper Evidences : ITAT Remands Matter Back to CIT(A) [Read Order]

Varda Marakkar

The Ahmedabad bench of The Income Tax Appellate Tribunal ( ITAT ) recently allowed an appeal preferred by the Revenue against the decision made by...

Cash Deposit out of Gold Loan during Demonetization, duly Explained: ITAT deletes Addition [Read...

Treating Cash Deposit During Demonetization as unexplained cash without rejecting Books of account...

No addition is Permitted u/s 68 of Income Tax Act as Unsecured Loan when Cash Deposits in Bank A/c...

Taxpayer Substantiates Cash Deposit Source with Sufficient Evidence: ITAT Deletes Addition of 28...

Cash Deposit received from Mother as Gift during demonetization period properly Explained: ITAT deletes Addition u/s 69A [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled in favor of the taxpayer, overturning the addition made under section 69A of Income Tax Act, 1961. The tribunal found that...

Sales of Jewellery could not be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

In a recent decision the chennai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that sales of jewellery could not be treated as unexplained cash credit under Section 68 of Income Tax,...

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations,...

Addition u/s 68 of Income Tax Act cannot be made Without Examining Source of Cash Deposit: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) observed that addition under Section 68 of the Income Tax Act, 1961, cannot be made without examining source of cash deposit The...

No prudent man will retain a sum for long period to redeposit in account: ITAT upholds addition made u/s 69A of Income Tax Act [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore bench while upheld the addition made under Section 69 A of the Income Tax Act, 1961 held that no prudent man would retain a sum for a long period...

Failure to Explain Source of Cash Deposit in Bank Account: ITAT Upholds Income Tax Addition [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the upheld income addition on failure to explain the source of cash deposit in bank account. The assessee, Mohan was engaged in...

Lack of Reasonable Opportunity to substantiate Source of Cash Deposit: ITAT quashes Assessment [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that reasonable opportunity is to be provided to the assessee to substantiate source of cash deposit in favor of natural justice. ...

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