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Income Tax Addition

Penalty u/s 271(1)(c) cannot be made for Income Tax Additions made on ad-hoc basis: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench held that penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be made for...

Mere filing of VAT Returns will Not Prove Genuineness of Purchase Without Inquiry: Delhi HC upholds...

ITAT deletes Income Tax Addition made solely on Third-party Information [Read Order]

Voluntarily Disallowance of CSR Expenditure u/s 37(1) by Assessee: ITAT deletes Income Tax Addition...

Relief to Bosch Limited: ITAT deletes Income Tax Addition on reduction of Bad Debts from Sundry...

Satisfaction of AO u/s 69C should be Subjective: ITAT deletes Income Tax Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has recently in an appeal filed before it, while deleting the Income Tax Addition, held that satisfaction of Assessing Officer (A.O), under...

Earning from Foreign Exchange Fluctuations not in connection with Business Activity, Income Tax Addition not valid: Gujarat HC [Read Order]

The Gujarat High Court has held that in addition to income is invalid, as the earnings from foreign exchange fluctuations are not in connection with business activity. The revenue filed an appeal...

Satisfactory Evidence as to Source of Cash Deposit: ITAT deletes Income Tax Addition of 6 lakhs [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad deleted addition of Six Lakhs as there was satisfactory evidence as to source of cash deposit. The sole issue in the present appeal relates to...

Absence of Materials in Support of Presumption, cannot be accepted: ITAT sets aside Income Tax Addition on Bogus Purchases [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench consisting of B.R. Baskaran, Accountant Member and Pavan Kumar Gadale, Judicial Member set aside addition on bogus purchases on the absence of...

Deposits were made from Past Savings and Earnings of entire family for Study Visa requirement of son: ITAT deletes Income Tax Addition [Read Order]

In an assessee friendly ruling, the Income Tax Appellate Tribunal (ITAT), Chandigarh deleted addition of Rupees Three Lakhs as Deposits were made from past savings and earnings of entire family for...

Recovery of Share Certificate allotted to Investor Companies found at the Premises of Issuing Company is not 'Incriminating Material': Delhi HC quashes Income Tax Addition [Read Order]

A division bench of the Delhi High Court, while dismissing a bunch of appeals by the income tax department has held that the recovery of share certificate allotted to investor companies found at the...

Income Tax Addition u/s 68 cannot sustain when Source of Credit is Explained with Details of Creditors: ITAT [Read Order]

The Income-Tax Appellate Tribunal, Chennai bench held that an addition to income tax u/s 68 cannot sustain when source of credit is explained with details of creditors. The appellant was...

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