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Income Tax Addition

Perverse Finding by CIT(A) from Same Documents before AO: Chhattisgarh HC sustains Deletion of ₹4.89 Cr Income Tax Addition [Read Order]

The Chhattisgarh High Court recently dismissed an appeal filed by a Deputy Commissioner Of Income Tax, noting that no new evidence had been produced...

Supreme Court dismisses Revenue’s Plea on Income Tax Addition from Sale of Penny Stock Shares for...

Real Estate Broker’s Excel Sheet Triggers ₹48 Lakh ‘On-Money’ Income Tax Addition: ITAT Gives Relief...

Consultant Failed Him’: ITAT remands ₹18.5L Income Tax Addition on Differently Abled Taxpayer,...

Unsecured Loan Genuine and Merely Carried Forward from Earlier Year, Not Fresh Borrowing: ITAT...

Failure to Establish Three Essential Ingredients: ITAT upholds Income Tax Addition u/s 68 on Accommodation Entries [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) comprising Dr. S. Seethalakshmi (Judicial Member) and Shri Gagan Goyal (Accountant Member) have allowed Revenue’s appeals against an...

₹1.30 Cr Cash Deposits Not ‘Unexplained’ u/s 68: ITAT Relies on Books of Account to Reject Survey-Based Income Tax Addition [Read Order]

The Jaipurbench of Income Tax Appellate Tribunal (ITAT) held that when the cash sales were duly recorded in the books of account, they could not be treated as unexplained under Section 68 and...

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

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench has directed deletion of income taxadditions made on account of alleged interest payments connected with supposed cash loans. The...

ITAT Quashes Part of Income Tax Addition u/s 69A on Cash Deposits During Demonetization Based on Sales Evidence [Read Order]

The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has partly deleted an income tax addition of ₹59,78,000 made under Section 69A of the Income Tax Act, 1961, on cash deposits during...

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...