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Additions for Unexplained Cash Deposits and Loans Made Without Proper Verification : ITAT Restores Matter to AO [Raed Order]

Sneha Sukumaran Mullakkal

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer (AO ) for fresh adjudication after...

Gross Negligence of Accountant Not a Ground for Condonation: ITAT Dismisses Income Tax Appeal with...

Assessee Fails to Prove Genuineness and Creditworthiness: ITAT upholds ₹75.6 Income Tax...

Total Income 100% Tax-Exempt if S.80P Deduction Allowed: ITAT dismisses appeal noting No Effect on...

Disallowance of Business Expenses Made Without Proper Justification: ITAT Restricts It to 10% of...

Unexplained Cash Deposit During Demonetisation Led to Addition in Income: ITAT Restores Matter to AO [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer (AO) noting that the assessee had failed to properly explain a cash deposit of Rs. 26.5...

CBDT SOP on Demonetisation Cash Deposits Saves NRI from Higher Addition: ITAT Restricts ₹5 Lakh Addition to ₹2.5 Lakh [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Ahmedabad bench has partially set aside an addition made on cash deposits during the demonetisation period, invoking the guidelines prescribed in the...

Non-Disclosure of ₹27.67 Lakh Interest Received u/s 244A: ITAT Holds It Taxable and Rejects Rectification Plea

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) held that ₹27.67 lakh received as interest under section 244A of Income Tax Act,1961, was taxable as “income from other sources” and...

Husband Funded Investment in Joint Property Not Taxable: ITAT Deletes ₹2.18 Cr Addition u/s 69A [Read Order]

The Ahmedabad Benchof the Income Tax Appellate Tribunal (ITAT) has deleted an addition of ₹2,18,19,600 made under section 69A of the Income Tax Act, 1961, holding that the investment in joint...

Project Completion Method Upheld: ITAT Deletes ₹3.56 Crore Addition for Real Estate Developer [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of Rs. 3,56,16,215 made by the Assessing Officer (AO) held that the assessee correctly followed the Project ...

ITAT Deletes ₹52.91 Lakh Unexplained Investment Addition on Land Purchase Due to Unreliable Draft MOU Evidence [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of Rs. 52,91,053 made by the Assessing Officer ( AO ) as unexplained investment under Section 69 and ruled that...

Taxpayer Can Raise Additional Claims Before Appellate Authorities: ITAT Allows ₹4.90 Cr ESOP claim [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) allowed a deduction of Rs. 4,90,35,650 for Employee Stock Option Plans (ESOPs) expenses, including an additional claim of Rs. ...