![Rs. 42.72 Lacs Addition for Cash Deposits during Demonetization: ITAT Remands Case to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-Chennai-Income-Tax-Appellate-Tribunal-Cash-Deposits-Cash-Deposits-During-Demonetization-taxscan-1.jpg "Rs. 42.72 Lacs Addition for Cash Deposits during Demonetization: ITAT Remands Case to AO [Read Order]")
Rs. 42.72 Lacs Addition for Cash Deposits during Demonetization: ITAT Remands Case to AO [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT )Â remanded the matter to the Assessing Officer (AO) for review, following an appeal...
![If Share Application Money is received from identifiable investors, Onus shifts to Income Tax Dept to Disprove: ITAT Deletes Rs. 5 Crore Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Share-Application-Money-ITAT-identifiable-investors-taxscan.jpg "If Share Application Money is received from identifiable investors, Onus shifts to Income Tax Dept to Disprove: ITAT Deletes Rs. 5 Crore Addition [Read Order]")
![ITAT Dismisses Duplicate Appeal Due to Online and Physical Filing [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-Chennai-ITAT-Dismisses-Duplicate-Appeal-Taxscan.jpg "ITAT Dismisses Duplicate Appeal Due to Online and Physical Filing [Read Order]")
![ITAT Weekly Round-Up [Jan 17-Jan 24,2025]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Weekly-Round-Up-Jan-17-Jan-242025-taxscan.jpg "ITAT Weekly Round-Up [Jan 17-Jan 24,2025]")
![CIT(A) has erred in noting the correct facts: ITAT Remands matter for Fresh adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Commissioner-of-Income-Tax-Income-Tax-act-taxscan.jpg "CIT(A) has erred in noting the correct facts: ITAT Remands matter for Fresh adjudication [Read Order]")
Loans from IPO Proceeds, Not Borrowed Funds: ITAT directs AO to recompute Interest Disallowance [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to recompute the disallowance of interest expenses confirming that the loans advanced by the...
![Loans from IPO Proceeds, Not Borrowed Funds: ITAT directs AO to recompute Interest Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-Chennai-Loans-from-IPO-proceeds-ITAT-on-interest-disallowance-case-taxscan.jpg "Loans from IPO Proceeds, Not Borrowed Funds: ITAT directs AO to recompute Interest Disallowance [Read Order]")
Insufficient Evidence to Prove Loan Creditworthiness: ITAT remands Unexplained Cash Deposits matter for Reconsideration [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the matter concerning unexplained cash deposits for reconsideration observing that the assessee failed to provide sufficient...
![Insufficient Evidence to Prove Loan Creditworthiness: ITAT remands Unexplained Cash Deposits matter for Reconsideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Chennai-unexplained-cash-deposits-loan-creditworthiness-insufficient-evidence-reconsideration-Income-Tax-Appellate-Tribunal-Income-Tax-taxscan.jpg "Insufficient Evidence to Prove Loan Creditworthiness: ITAT remands Unexplained Cash Deposits matter for Reconsideration [Read Order]")
AO Adds based on Mobile Phone Image Indicating Higher Sale Consideration: ITAT Deletes due to Absence of Corroborative Evidence [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the deletion of additions made by the Assessing Officer ( AO ), based on a non-editable mobile phone image allegedly showing...
![AO Adds based on Mobile Phone Image Indicating Higher Sale Consideration: ITAT Deletes due to Absence of Corroborative Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Chennai-income-tax-income-tax-news-Taxscan.jpg "AO Adds based on Mobile Phone Image Indicating Higher Sale Consideration: ITAT Deletes due to Absence of Corroborative Evidence [Read Order]")
Commission Paid to Non-Residents for Services Rendered Outside India Not Taxable Without PE: ITAT [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that commission payments made to non-residents for services rendered outside India are not taxable under the Income Tax Act, 1961,...
![Commission Paid to Non-Residents for Services Rendered Outside India Not Taxable Without PE: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Chennai-ITAT-taxable-Service-Non-Residents-for-Services-Taxscan.jpg "Commission Paid to Non-Residents for Services Rendered Outside India Not Taxable Without PE: ITAT [Read Order]")
Unsubstantiated Income shown in ITR: ITAT upholds Estimation of Income at 8% of Gross Receipts by AO [Read Order]
In a notable ruling, the Income Tax Appellate Tribunal ( ITAT ), Chennai Bench, upheld the assessment by the Income Tax Officer ( ITO ) estimating an income of 8% on gross receipts deposited in the...
![Unsubstantiated Income shown in ITR: ITAT upholds Estimation of Income at 8% of Gross Receipts by AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-Chennai-ITR-AO-Unsubstantiated-Income-Taxscan.jpg "Unsubstantiated Income shown in ITR: ITAT upholds Estimation of Income at 8% of Gross Receipts by AO [Read Order]")
AO Correctly allows Deduction u/s 80IA even Depreciation claimed less than limit: ITAT quashes PCIT's Revision Order [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) quashed the order of the Principal Commissioner of Income Tax, stating that the Assessing Officer (AO) correctly allowed deduction under...
![AO Correctly allows Deduction u/s 80IA even Depreciation claimed less than limit: ITAT quashes PCITs Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Deduction.jpg "AO Correctly allows Deduction u/s 80IA even Depreciation claimed less than limit: ITAT quashes PCITs Revision Order [Read Order]")
ITAT orders Denovo Assessment for Unexplained Investment with Cost of Rs. 5K Imposed on Assessee [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) orders de novo assessment for unexplained investment with a cost of Rs. 5,000 imposed on the assessee. The assessee, M/s Guru...
![ITAT orders Denovo Assessment for Unexplained Investment with Cost of Rs. 5K Imposed on Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-Chennai-Income-Tax-Appellate-Tribunal-Denovo-Assessment-TAXSCAN.jpg "ITAT orders Denovo Assessment for Unexplained Investment with Cost of Rs. 5K Imposed on Assessee [Read Order]")