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Income Tax Addition

ITAT Deletes ₹9.9 Cr Income Tax Addition Over AO’s Profit Overestimation and Unsubstantiated Loans [Read Order]

Nandan GK

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) deletes a 9.9 crore tax addition made by the AO because of the overestimation of...

Reopening Based on Mere Change of Opinion Invalid: ITAT Quashes ₹4.96 Crore Income Tax Addition...

Delhi HC Quashes Rs. 26.52 Cr Income Tax Addition on Power Pricing, Upholds SEB Rates for S. 80IA...

₹51L Income Tax Addition u/s.56(2) by Arbitrary Rejection of Share Value Report to Tax Entire Share...

Lack of specific information or positive evidence to reject Assessee’s Submissions: ITAT deletes ₹48...

Income Tax Addition not applicable on Interest Income from Govt. Project Funds Deposited if Interest Entirely remitted back to Central/State Govt: ITAT [Read Order]

In a recent ruling, the Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) held that Income Tax addition is not applicable on the interest income from government project funds deposited as...

No Addition u/s 68 in Partnership Firm’s Hands if Credit is in Partner’s Capital Account: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) ruled that no addition is permissible under Section 68 of the Income Tax Act, 1961, in the hands of the partnership firm but can only...

Cash Deposit Sources Insufficiently Verified before making Addition u/s 68 of Income Tax Act: ITAT Remands Matter Back to Assessing Officer for Re-Adjudication [Read Order]

Recently in a case, The Income Tax Appellate Tribunal (ITAT) of Ahmedabad remanded a matter back to the Assessing Officer for re adjudication noting that Assessing Officer did not sufficiently verify...

ITAT deletes Income Tax Addition made on Cash Deposits during Demonetization Period [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition under section 68 of the Income Tax Act, 1961 made on cash deposits during the demonetization period. The bench...

ITAT Weekly Round Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal ( ITAT ) reported at Taxscan.in during the previous week 23rd June 2024 to 29th June 2024 ...

Addition on Unaccounted Sales and Purchases under Income Tax Act Solely Based on Loose Slips is Invalid: ITAT [Read Order]

The Banglore Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the addition on unaccounted sales and purchases under the income tax act solely based on loose slips is invalid and deleted...

ITAT confirms Rs. 1.45 Crore Income Tax Addition as Short-Term Capital Gain in Taxpayer's Non-Agricultural Land Sale [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed an Income tax addition of Rs. 1.45 crore as short-term capital gain from the taxpayer's sale of non-agricultural land. The...