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Burden to Prove Genuineness of Large Volume of Cash Deposit as Gift to Grandson During Demonetization Lies on Assessee: ITAT [Read Order]

Fathima Karama A.M

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT), while re-directing adjudication of an income tax appeal observed that the burden to...

ITAT treats Cash Deposit during Demonetization Period u/s 69A on Failure to Produce Documentary...

AO Must Verify Source of Cash Deposits Made During Demonetization Period: ITAT [Read Order]

Mere Suspicion Not Enough for Income Tax Dept to make Additions to Taxpayer's Income: ITAT [Read...

Deposit Made as a Reserve Amount for Business During Demonetization Period not amount to Unexplained...

Not Every Deposit during Demonetization Period will under category of Unaccounted Cash: ITAT directs Re-Adjudication [Read Order]

The Income Tax Appellate Tribunal (ITAT) of Bangalore Bench held that the payment of bonus made to employees before the due date of filing a return of income under Section 139(1) of Income Tax Act...

ITAT restores matter to consider Source of Cash Deposited with Sale Proceeds of LPG Cylinder during Demonetization [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) held that in the interest of justice and equity an opportunity should be granted to the assessee to prove the source of cash deposits and...

Cash Deposited in Bank Accounts during Demonetization Period reflected in Books of Account of Company: ITAT deletes Addition [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), while deleting the addition made by the Assessing officer (AO), determined that the cash deposited in bank accounts during the...

Source of Cash Deposit During Demonetization Cannot be Brushed Aside without Evidence to Contrary: ITAT deletes Addition [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition holding that the source of cash deposit during demonetization could not be brushed aside without evidence to the...

Section 115BBE not applicable to Undisclosed Assets Deposited in Bank Post-Demonetization when Assets found in premises prior to Demonetization: ITAT

The Surat Bench of Income Tax Appellate Tribunal (ITAT) has held that Section 115BBE of the Income Tax Act 1961 would not be applicable as the undisclosed assets deposited in the bank accounts in the...

Alimony Received on Divorce is not Unexplained Cash Credit u/s 68, not Taxable u/s115BBE: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Raipur Bench, has recently held that alimony received on divorce is not unexplained cash credit under Section 68, and that the same is not taxable under...

ITAT quashes Addition Against Practicing Doctor for Cash Deposit during Demonetization [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has quashed the addition made against a practicing doctor for cash deposit during the demonetisation period. During the course of assessment...

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