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Income Tax Addition

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. ...

No Violation of Principle of Natural Justice on Income Tax addition made u/s 68 of Income Tax Act:...

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

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

Relief to Portfolio: ITAT Deletes Income Tax Addition against Consignment Agent on Account of...

No Corroborative Evidence to show Bogus Purchase: ITAT sets aside Income Tax Addition [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal(ITAT) set aside the addition made under the Income Tax Act, 1961 in the absence of corroborative Evidence. M/s. Yashaswi Fish Meal and Oil...

Failure to Explain Source of Cash Deposit in Bank Account: ITAT Upholds Income Tax Addition [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the upheld income addition on failure to explain the source of cash deposit in bank account. The assessee, Mohan was engaged in...

Non-Consideration of Evidences Furnished to Prove Identity and Creditworthiness of Investors and Genuiness of Transaction: ITAT directs AO to Delete Income Tax Addition [Read Order]

The Kolkata Bench held that the assessee has furnished all the evidences proving identity and creditworthiness of the investors and genuineness of the transactions but AO has not commented on these...

Relief to Aditya Birla Finance Ltd: Supreme Court dismisses SLP on Deletion of Income Tax Addition as Sale Certificate and Auction Purchasers Placed on Possession [Read Judgement]

As a relief to Aditya Birla Finance Limited & Ors, the Supreme Court of India dismissed the Special Leave Petition(SLP) on the deletion of income tax addition as a sale certificate and...

Failure to Substantiate Source of Claim of Investment for claiming S.54F Deduction: ITAT upholds Income Tax Addition [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that appellant failed to substantiate source of claim of investment in the said property for the purpose of Section 54F of the Income Tax...

ITAT Confirms Income Tax Addition u/s 68 in Absence of Evidence Proving Unsubstantial Increase in Business Capital [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) confirms the Income Tax addition under Section 68 of the Income Tax Act, 1961 in the absence of evidence proving the unsubstantial...

Income Tax Addition on Account of Unexplained Investment u/s 69B of Income Tax Act due to Failure of Assessee to Compile Data and Information Due Covid-19 Pandemic: ITAT Restores matter to AO

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that due to unprecendent situation of Covid-19 the assessee could not explain the facts of his case, hence there is absence of relevant...

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