![ITAT sets aside order of CIT(A) for prevention of any dispute arising out of applicability of Section 68 in favor of natural justice [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-sets-aside-order-of-CITA-for-prevention-of-any-dispute-arising-out-of-applicability-favor-of-natural-justice-TAXSCAN-1.jpg "ITAT sets aside order of CIT(A) for prevention of any dispute arising out of applicability of Section 68 in favor of natural justice [Read Order]")
ITAT sets aside order of CIT(A) for prevention of any dispute arising out of applicability of Section 68 in favor of natural justice [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee has not furnished proper details as discussed above in order to...
![Production of Bank accounts extract Evidencing Payment of Purchase of Jewellery: ITAT Deletes Addition u/s 69B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Production-Bank-accounts-extract-Evidencing-Payment-of-Purchase-Jewellery-ITAT-Deletes-Addition-Income-Tax-Act-taxscan-1.jpg "Production of Bank accounts extract Evidencing Payment of Purchase of Jewellery: ITAT Deletes Addition u/s 69B of Income Tax Act [Read Order]")
![Claim for Deduction of Interest Expenditure u/s 57 of Income Tax Act is Lawful as Assessee established the borrowed Funds were used for Interest bearing Advances: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Claim-for-Deduction-Interest-Expenditure-Income-Tax-Act-Lawful-Assessee-Established-Borrowed-Funds-Interest-bearing-Advances-ITAT-TAXSCAN.jpg "Claim for Deduction of Interest Expenditure u/s 57 of Income Tax Act is Lawful as Assessee established the borrowed Funds were used for Interest bearing Advances: ITAT [Read Order]")
![Corpus Donation collected from Parents of Students admitted in Schools are voluntary in nature: ITAT allows Exemption u/s.11 of I.T Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Corpus-Donation-parents-students-admitted-Schools-voluntary-nature-ITAT-exemption-I.T-Act-TAXSCAN.jpg "Corpus Donation collected from Parents of Students admitted in Schools are voluntary in nature: ITAT allows Exemption u/s.11 of I.T Act [Read Order]")
![Payment made by Assessee as Shareholder of Company for Construction of Building on a plot shall not be Unexplained Investment u/s. 69 of I.T Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Payment-assessee-shareholder-company-for-construction-building-plot-unexplained-investment-I.T-Act-ITAT-TAXSCAN.jpeg "Payment made by Assessee as Shareholder of Company for Construction of Building on a plot shall not be Unexplained Investment u/s. 69 of I.T Act: ITAT [Read Order]")
Addition u/s 68 unjustified for the credit worthiness of a person having sufficient funds to lend money to others cannot be doubted: ITAT upholds order of CIT(A) [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the onus which lays upon the assessee to explain that the entries made are real and not fictitious, has been duly discharged. ...
![Addition u/s 68 unjustified for the credit worthiness of a person having sufficient funds to lend money to others cannot be doubted: ITAT upholds order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Addition-unjustified-for-the-credit-worthiness-of-a-person-having-sufficient-funds-to-lend-money-doubted-ITAT-upholds-order-of-CITA-TAXSCAN.jpg "Addition u/s 68 unjustified for the credit worthiness of a person having sufficient funds to lend money to others cannot be doubted: ITAT upholds order of CIT(A) [Read Order]")
ITAT directs Verification of Source Explained through Settlement before Settlement Commission for Addition u/s 69 of Income Tax Act [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has directed for verification of sources explained through the settlement before the settlement commission for addition under Section 69 of...
![ITAT directs Verification of Source Explained through Settlement before Settlement Commission for Addition u/s 69 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-directs-Verification-Source-Explained-Settlement-Settlement-Commission-Income-Tax-Act-taxscan-1.jpg "ITAT directs Verification of Source Explained through Settlement before Settlement Commission for Addition u/s 69 of Income Tax Act [Read Order]")
Activity of providing relief to the poor being Charitable in Nature cannot be Denied Exemption in a Corporate World: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that activity being charitable in nature towards general public utility cannot be equated with a money lending activity carried...
![Activity of providing relief to the poor being Charitable in Nature cannot be Denied Exemption in a Corporate World: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Activity-providing-relief-poor-being-Charitable-Nature-Denied-Exemption-Corporate-World-ITAT-TAXSCAN.jpg "Activity of providing relief to the poor being Charitable in Nature cannot be Denied Exemption in a Corporate World: ITAT [Read Order]")
![Non-Consideration Objections Raised by Assessee: ITAT upholds order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Non-Consideration-Objections-Raised-Assessee-ITAT-upholds-order-CITA-taxscan.jpeg "Non-Consideration Objections Raised by Assessee: ITAT upholds order of CIT(A) [Read Order]")
Cash Deposited in Bank Account as a result of Earlier Withdrawal can't be treated as Undisclosed Income: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the cash deposited in the bank account as a result of earlier withdrawal cannot be treated as unexplained/undisclosed income....
![Cash Deposited in Bank Account as a result of Earlier Withdrawal cant be treated as Undisclosed Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Cash-Deposited-Bank-Account-result-of-Earlier-Withdrawal-Undisclosed-Income-ITAT-TAXSCAN.jpg "Cash Deposited in Bank Account as a result of Earlier Withdrawal cant be treated as Undisclosed Income: ITAT [Read Order]")
No effective Representation before lower Authorities: ITAT direct readjudication in respect of Sale Consideration deposit in Bank Account [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench while observing the no representation before the lower authorities by the assessee directed readjudication in respect of Sale Consideration...
![No effective Representation before lower Authorities: ITAT direct readjudication in respect of Sale Consideration deposit in Bank Account [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-effective-Representation-Authorities-No-effective-Representation-before-lower-Authorities-ITAT-taxscan.jpg "No effective Representation before lower Authorities: ITAT direct readjudication in respect of Sale Consideration deposit in Bank Account [Read Order]")
No Concealment of Income or Furnishing of Inaccurate Particulars: ITAT upholds Deletion of Penalty u/s 271(1)(c) [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that no penalty could be imposed under section 271(1)(c) as no concealment of income or furnishing of inaccurate particulars was done...
![No Concealment of Income or Furnishing of Inaccurate Particulars: ITAT upholds Deletion of Penalty u/s 271(1)(c) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-Concealment-of-Income-or-Furnishing-of-Inaccurate-Particulars-Income-Inaccurate-Particulars-ITAT-Penalty-taxscan.jpg "No Concealment of Income or Furnishing of Inaccurate Particulars: ITAT upholds Deletion of Penalty u/s 271(1)(c) [Read Order]")