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Estimation of Cash based on Surmises and Conjectures cannot be made in Rectification Order u/s 154: ITAT [Read Order]

Gayathri C.H

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that estimation of cash based on surmises and...

Private Limited Company and Director are Different Persons: ITAT upholds Addition for Exceeding...

ITAT deletes Disallowance u/s 40A(3) when assessee made Payment in Cash not directly to the Seller...

Payment of Rs. 22 Lakh in Cash to Wholesale Dealer attracts Disallowance u/s 40A(3): ITAT [Read...

Every Deposit during Demonetization period Not amounts to Unaccounted Cash, Addition u/s 68 not...

Receipt of Loan and Cash Gift as Tradition in Marriage of a Female: ITAT directs Dept to Re-Verify Claim [Read Order]

The Delhi bench of the Income tax Appellate Tribunal (ITAT), while allowing the appeal of the assesse, has directed the income tax department to re-verify the claim in connection with the receipt of...

Cash available out of Past Savings justifiable as Source of Unexplained Money u/s 69A: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the cash available out of past savings is justifiable as the source of unexplained money u/s 69 A of the Income Tax...

Addition of Unexplained Cash u/s 69 is not sustainable when the Genuineness of Transaction proved: ITAT [Read Order]

The Kolkata Bench, of the Income Tax Appellate Tribunal ( ITAT ), held that the addition of unexplained cash u/s 69 of the Income Tax Act, 1961 is not sustainable when the genuineness of transaction...

Cash Book Transactions cannot be Doubted when Opening Balance of Cash stood Explained and Accepted: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has held that the cash book transactions cannot be doubted when the opening balance of cash stood explained and accepted. The appellant,...

Wealth Tax Assessment liability to arise once Seized Gold, Jewellery, Cash is Released: Bombay HC [Read Judgment]

The Bombay High Court ruled that the wealth tax assessment liability will arise once seized gold, jewellery, cash is released. The assessee, Nirajkumar N. Rungta has sought order and direction to...

Wealth Tax Assessment - seized gold - jewellery - cash - Bombay High Court - Taxscan

Advance Received from Promoters in Cash through Current Accounts not violation of S. 269SS: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai has held that no penalty can be imposed for receiving advances from the promoters in cash through their respective current accounts. Assessee engaged...

No Penalty on Refund of Advance from Customers in Cash under a Bonafide Belief: ITAT [Read Order]

The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty under Section 273B of the Income Tax Act, 1961 cannot be levied if the assessee received refund of advance from...

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