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Banking Channel Records and Interest Paid Proves Loan Transaction: ITAT deletes ₹80.94 Lakh Unexplained Money Addition [Read Order]

Franklin Joshva

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that clear evidence of a genuine loan transaction, conducted through banking...

Non-Filer Gets a Second Chance as ITAT Sets Aside Tax Demand, Asks AO to Reconsider Unexplained Cash...

AO Disallows ₹1.75 Crore Donation u/s 35AC: ITAT Allows Deduction, Citing Valid Approval at Time of...

Error in Reading Jewellery Sale as Purchase Costs CIT(A); ITAT Orders Fresh Look at Cash Deposit...

Disallowance of ₹16.28 Lakh Bogus Purchase without Rejection of Books: ITAT Restricts Addition to...

Cash Withdrawals During Demonetisation Taxed u/s 68: ITAT Deletes ₹62 Lakh Addition treating them as Business Turnover [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) deleted ₹62 lakh addition under section 68 of Income Tax Act,1961, holding that cash withdrawals during demonetisation formed part of ...

Addition of Rs. 6.75 Lakh Gifts from Sister and Father-in-Law by AO: ITAT Deletes Addition, Accepts Proof of Receipt [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 6.75 lakh gifts from the sister and father-in-law made by the Assessing Officer (AO ), accepting the proof...

Charitable Institution Free to use Accumulated Income up to 5 years without Prior Exhaustion of Current Year’s Income: ITAT [Read Order]

The Lucknow Bench of the Income Tax Appellate Tribunal ( ITAT ) recently ruled that the charitable institution is free to use the accumulated income up to 5years without prior exhaustion of the...

ITAT Reduces Disallowance of Foreign Travel Expenses to 25% Due to Partial Documentation [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) partly allowed the appeal of the assessee reducing the disallowance of foreign travel expenses to 25% due to partial documentation. ...

ITAT Slams CIT(A) for Skipping Remand Report, Orders Re-Hearing in Rs. 99.5 Lakh Cash Deposit Case

The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench has set aside an order by the Commissioner of Income Tax (Appeals) for failing to call for a remand report in a case involving unexplained...

AO Cannot Go Beyond Net Profit in P&L Except as Permitted under Explanation to Section 115J: Bombay HC in Mahindra Case [Read Order]

In a recent ruling, the Bombay High Court held that an Assessing Officer cannot go beyond the net profit shown in the profit and loss account except to the extent permitted in the Explanation to...

Key Changes in Online Filing of Form No. 35 Appeals Before CIT(A)

Form No.35, is the official form used to file appeals before the Commissioner of Income Tax(Appeals)[CIT(A)]. Recently, many tax professionals have noticed some changes while submitting this form...