![Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/income-tax-act-ITAT-Old-Loans-Converted-unexplained-money.jpg "Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under Income Tax Act [Read Order]")
Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Unexplained money under the Income Tax Act, 1961 as the...
![Failure to serve Hearing Notice under Income Tax Act invalidates Ex-Parte Order: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/ITAT-ITAT-Kolkata-Income-tax-hearing-notice-failure-Income-Tax-Tribunal-TAXSCAN.jpg "Failure to serve Hearing Notice under Income Tax Act invalidates Ex-Parte Order: ITAT [Read Order]")
![Benefit of Sec 36(1)(Va) of Income Tax Act is not Claimable on Failure to Deposit Employees Contribution to PF Within Due Date: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/ITAT-Income-Tax-Act-Income-Tax-Appellate-Tribunal-Provident-Fund-Deposit-Employees-Contribution-taxscan.jpg "Benefit of Sec 36(1)(Va) of Income Tax Act is not Claimable on Failure to Deposit Employees Contribution to PF Within Due Date: ITAT [Read Order]")
![Creditworthiness of Share Subscriber Companies Proven: ITAT deletes Addition of Unexplained Share Application Money under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-kolkata-share-companies-ITAT-deletes-unexplained-shares-share-application-money-income-tax-act-taxscan.jpg "Creditworthiness of Share Subscriber Companies Proven: ITAT deletes Addition of Unexplained Share Application Money under Income Tax Act [Read Order]")
![No Addition u/s 68 of Income Tax Act on Share Premium allowable when Identity & Creditworthiness of Share Subscribers Proved: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Income-Tax-Act-ITAT-Income-Tax-Appellate-Tribunal-Income-Tax-News-Income-Tax-taxscan.jpg "No Addition u/s 68 of Income Tax Act on Share Premium allowable when Identity & Creditworthiness of Share Subscribers Proved: ITAT [Read Order]")
Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 40 lakhs under Section 68 of the Income Tax Act, 1961 as the identity, creditworthiness of the...
![Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Kolkata-Income-Tax-Section-411-of-Income-Tax-Act-Trading-Liability-Due-Absence-of-Liability-in-Books-Taxscan-1.jpg "Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]")
Section 41(1) of Income Tax Act Cannot Be Invoked for Cessation of Trading Liability Due to Absence of Liability in Books: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that absence of liability in books of account, provision of Section 41(1) of Income Tax Act, 1961 cannot be invoked as cessation...
![Section 41(1) of Income Tax Act Cannot Be Invoked for Cessation of Trading Liability Due to Absence of Liability in Books: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Kolkata-Income-Tax-Section-411-of-Income-Tax-Act-Trading-Liability-Due-Absence-of-Liability-in-Books-Taxscan.jpg "Section 41(1) of Income Tax Act Cannot Be Invoked for Cessation of Trading Liability Due to Absence of Liability in Books: ITAT [Read Order]")
ITAT directs Matter to CIT(E) citing Form No.10AB Application should be Construed u/s 12A(1)(ac)(i) of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) directed the matter to Commissioner of Income Tax (Exemption), emphasizing that the application in Form No.10AB should be construed under...
![ITAT directs Matter to CIT(E) citing Form No.10AB Application should be Construed u/s 12A(1)(ac)(i) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Kolkata-ITAT-Income-Tax-Income-tax-news-Commissioner-of-Income-Tax-taxscan.jpg "ITAT directs Matter to CIT(E) citing Form No.10AB Application should be Construed u/s 12A(1)(ac)(i) of Income Tax Act [Read Order]")
Property Sold in Low Price Due to Obstacles in Peaceful Enjoyment: ITAT deletes Capital Gains Addition based on DVO [Read Order]
In a recent ruling, the Kolkata bench Income Tax Appellate Tribunal ( ITAT ) deleted the capital gain addition made by the Assessing Officer (AO) as the tribunal was convinced that the assessee as a...
![Property Sold in Low Price Due to Obstacles in Peaceful Enjoyment: ITAT deletes Capital Gains Addition based on DVO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Property-Sold-in-Low-Price-Due-ITAT-Capital-Gains-DVO-TAXSCAN.jpg "Property Sold in Low Price Due to Obstacles in Peaceful Enjoyment: ITAT deletes Capital Gains Addition based on DVO [Read Order]")
Taxpayer's Document Validates Identity and Transaction Genuineness: ITAT deletes Addition u/s 68 [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition under Section 68 of the Income Tax Act, 1961 after validating the taxpayer's document, affirming the identity...
![Taxpayers Document Validates Identity and Transaction Genuineness: ITAT deletes Addition u/s 68 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Kolkata-ITAT-Income-tax-Section-68-taxscan.jpg "Taxpayers Document Validates Identity and Transaction Genuineness: ITAT deletes Addition u/s 68 [Read Order]")
Taxpayer without Shareholding cannot be Deemed 'Dividend' Receiver u/s 2(22) of Income Tax Act: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) observed that the taxpayer without shareholding cannot be deemed 'dividend' receiver under Section 2(22) of Income Tax Act, 1961. ...
![Taxpayer without Shareholding cannot be Deemed Dividend Receiver u/s 2(22) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Kolkata-Income-Tax-ITAT-on-dividend-receiver-Dividend-Receiver-TAXSCAN.jpg "Taxpayer without Shareholding cannot be Deemed Dividend Receiver u/s 2(22) of Income Tax Act: ITAT [Read Order]")
Investment Income from Excess Stock cannot be Taxed u/s 69 B of Income Tax Act, Must be Assessed as Business Income: ITAT [Read Order]
The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that investment income from excess stock cannot be taxed under Section 69 B of Income Tax Act, 1961 must be assessed as...
![Investment Income from Excess Stock cannot be Taxed u/s 69 B of Income Tax Act, Must be Assessed as Business Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Investment-income-taxation-Business-income-assessment-Excess-stock-taxation-Taxation-of-investment-income-taxscan.jpg "Investment Income from Excess Stock cannot be Taxed u/s 69 B of Income Tax Act, Must be Assessed as Business Income: ITAT [Read Order]")