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Income Tax Addition

Creditworthiness of Shares Subscribers and Genuineness of Transactions proved by Supported Documents: ITAT deletes Income Tax Addition u/s 68 [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under Section 68, of Income Tax Act, 1961 as the identity and...

Cash Source Seized by CBI from Corporate Office Sufficiently Explained: ITAT deletes Income Tax...

Cash Deposits made From Parent's Accumulated Savings and Income from Agricultural Activities: ITAT...

Income Tax Addition made towards Unsubstantiated Share Capital is eligible for Deduction u/s 80-IC...

Income Tax Addition under Section 69 of Income Tax Act not Permitted without Examining and Finding...

Allahabad HC upholds Deletion of Income Tax addition u/s 68 of Income Tax Act as Assessee Proves Genuineness of Transaction [Read Order]

The Allahabad High Court upheld the deletion of Income Tax Addition under section 68 of the Income Tax Act, 1961 as the assessee proved the genuineness of the transaction. The assessee not only...

Income Tax Addition on bad and doubtful debts: SC rules in favour of Gillette India [Read Order]

The Supreme Court of India ruled in favour of Gillette India in the matter arising from a ruling concerning the income tax addition on bad and doubtful debts. One of the issues before the...

ITAT nullifies Income Tax Additions in Penny Stock Deal for Quick Gains [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) nullified income tax additions in a penny stock deal for quick gains. The assessee's return of income was assessed at ₹13,49,630/-...

AO cannot Trigger Reassessment When Pending Appeal on Income Tax Addition Sustain: Delhi HC [Read Order]

The Delhi High Court has held that the Assessing Officer cannot trigger reassessment when a pending appeal on income tax addition is sustained. The appellant/revenue challenged the common order...

No Violation of Principle of Natural Justice on Income Tax addition made u/s 68 of Income Tax Act: Kerala HC directs to File Statutory Appeal [Read Order]

The Kerala High Court was directed to file a statutory appeal against the Income Tax Addition under section 68 of the Income Tax Act, 1961 was made in violation of the principle of Natural...

Delhi HC upholds Deletion of Income Tax Addition made on investment in Wrist Watches [Read Order]

The Delhi High Court upheld the order ofthe Income Tax Appellate Tribunal [“Tribunal”] which deleted the Income Tax Addition made on investment in...

No investment made outside books of Accounts: ITAT deletes Income Tax Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting the Income Tax Addition, held that no investment has been made by the assessee outside the books of account. The assessee, Direct...

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