![Trader Sold Opening Stock at Discounted Rates Leading to Higher Sales Compared to Previous Years: ITAT deletes ₹32 Lakh Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Trader-Trader-Sold-Opening-Stock-ITAT-Assessing-income-from-undisclosed-sources-higher-sales-opening-stock-sales-tax-returns-assessees-counsel-Pawan-International-Taxscan.jpg "Trader Sold Opening Stock at Discounted Rates Leading to Higher Sales Compared to Previous Years: ITAT deletes ₹32 Lakh Addition [Read Order]")
Trader Sold Opening Stock at Discounted Rates Leading to Higher Sales Compared to Previous Years: ITAT deletes ₹32 Lakh Addition [Read Order]
The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs. 32 lakhs made by the Assessing Officer (AO), citing the...
![Unexplained Cash Deposits during Demonetization: ITAT Limits Addition to ₹10 Lakhs Considering Possible Cash Sales [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/itat-demonetization-delhi-itat-cash-sales-cash-transaction-limit-income-tax.jpg "Unexplained Cash Deposits during Demonetization: ITAT Limits Addition to ₹10 Lakhs Considering Possible Cash Sales [Read Order]")
![ITAT deletes 69 Addition as Cash Sales cant take place before Commencement of Business [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/ITAT-Cash-Sales-place-Commencement-Business-taxscan.jpg "ITAT deletes 69 Addition as Cash Sales cant take place before Commencement of Business [Read Order]")
![AO failed to Produce Evidence for Cash Sales: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Evidence-Cash-Sales-ITAT-taxscan.jpg "AO failed to Produce Evidence for Cash Sales: ITAT deletes Addition [Read Order]")
Deposit of Banned Notes received out of Cash Sales during Demonetization Period is Legally Valid: ITAT deletes Addition [Read Order]
The Income Tax Appellate Tribunal (ITAT), Visakhapatnam bench has deleted an addition under section 69A of the Income Tax Act, 1961 by holding the deposit of banned notes received by the assessee...
![Deposit of Banned Notes received out of Cash Sales during Demonetization Period is Legally Valid: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Deposit-Cash-Sales-Demonetization-ITAT-Taxscan.jpg "Deposit of Banned Notes received out of Cash Sales during Demonetization Period is Legally Valid: ITAT deletes Addition [Read Order]")
ITAT directs to adopt Peak Calculation Method to Compute Profit from Unaccounted Cash Sales and Remand matter back to AO [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal has directs to adopt peak calculation method to compute profit from unaccounted cash sales and remand matter back to AO The appellant, Himanshu...
![ITAT directs to adopt Peak Calculation Method to Compute Profit from Unaccounted Cash Sales and Remand matter back to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/ITAT-Peak-Calculation-Method-Profit-Cash-Sales-AO-taxscan.jpg "ITAT directs to adopt Peak Calculation Method to Compute Profit from Unaccounted Cash Sales and Remand matter back to AO [Read Order]")
![Receipt of Cash Sales does not attract S. 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Receipt-Cash-Sales-ITAT-Taxscan.jpg "Receipt of Cash Sales does not attract S. 68: ITAT [Read Order]")
Cash Balance generated out of Cash Sales is Business Assets which can’t be deemed as ‘Cash in Hand’ for Wealth Tax: ITAT [Read Order]
The Kolkata bench of ITAT has held that cash balance generated out of cash sales cannot be treated as ‘cash in hand’ within the meaning of section 2(ea) of the Wealth Tax Act since the same constitute...
![Cash Balance generated out of Cash Sales is Business Assets which can’t be deemed as ‘Cash in Hand’ for Wealth Tax: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/10/Wealth-Tax-Taxscan.jpg "Cash Balance generated out of Cash Sales is Business Assets which can’t be deemed as ‘Cash in Hand’ for Wealth Tax: ITAT [Read Order]")