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Income Tax Addition

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

Manu Sharma

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

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...

ITAT Deletes ₹9.9 Cr Income Tax Addition Over AO’s Profit Overestimation and Unsubstantiated Loans...

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 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...

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...