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Income Tax Addition

Unsecured Loan Genuine and Merely Carried Forward from Earlier Year, Not Fresh Borrowing: ITAT Deletes Rs. 2.50 Cr Income Tax Addition u/s 68 [Read Order]

Sandhra Suresh

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee, observing that the unsecured loan was carried...

Failure to Establish Three Essential Ingredients: ITAT upholds Income Tax Addition u/s 68 on...

₹1.30 Cr Cash Deposits Not ‘Unexplained’ u/s 68: ITAT Relies on Books of Account to Reject...

ITAT directs to delete Income Tax Additions based on Interest Paid on Cash Loans [Read Order]

ITAT Quashes Part of Income Tax Addition u/s 69A on Cash Deposits During Demonetization Based on...

Income Tax Addition of ₹52.3 Lakh u/s 69A: ITAT Orders Remands for Enquiry Since Assessee Was Not Grossly Non-compliant [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has remanded an income tax addition of ₹52,34,050 which was made under section 69A of the Income Tax Act, 1961 for fresh adjudication....

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

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 profit, misclassification of assets, and lack of...

Reopening Based on Mere Change of Opinion Invalid: ITAT Quashes ₹4.96 Crore Income Tax Addition [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) quashed the reassessment proceedings, ruling that the reopening of assessment based on a mere change of opinion was invalid under the...

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

The Delhi High Court quashed the addition of Rs.26.52 crore on DCM Shriram Ltd. stating that SEB rates were appropriate to determine the market value of power transactions for claiming deduction...

₹51L Income Tax Addition u/s.56(2) by Arbitrary Rejection of Share Value Report to Tax Entire Share Premium and Capital: ITAT Orders Deletion [Read Order]

The Jodhpur Bench of the Income Tax Appellate Tribunal (ITAT) recently ordered the deletion of an income tax addition of ₹51,00,000/-, observing that the Assessing Officer (AO) had arbitrarily...

Lack of specific information or positive evidence to reject Assessee’s Submissions: ITAT deletes ₹48 Lakh Income Tax Addition [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted an income tax addition of ₹48,48,356, observing that the concerned Assessing Officer (AO) and precursory Commissioner of...

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...