![ITAT deletes Addition made u/s 69B of Income Tax Act towards Inflated Cost of Crane in Agreement merely to avail higher Banking Loan facility for financing of Crane [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-deletes-Addition-ITAT-Income-Tax-Act-Crane-Crane-in-Agreement-Banking-Loan-financing-of-Crane-taxscan-.jpg "ITAT deletes Addition made u/s 69B of Income Tax Act towards Inflated Cost of Crane in Agreement merely to avail higher Banking Loan facility for financing of Crane [Read Order]")
ITAT deletes Addition made u/s 69B of Income Tax Act towards Inflated Cost of Crane in Agreement merely to avail higher Banking Loan facility for financing of Crane [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench deleted addition made under Section 69B of the Income Tax Act, 1961 towards inflated cost of...
![Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Act-waiver-of-loan-cessation-of-trading-liability-ITAT-deletes-Addition-loan-trading-liability-taxscan.jpg "Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]")
![ITAT deletes Addition u/s 36(1)(iii) of Income Tax Act as AO failed to Prove Interest Bearing Fund/Loans were not utilized for Business Purposes [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-deletes-addition-Income-Tax-Act-ITAT-Interest-Bearing-Fund-Loans-business-purposes-taxscan.jpg "ITAT deletes Addition u/s 36(1)(iii) of Income Tax Act as AO failed to Prove Interest Bearing Fund/Loans were not utilized for Business Purposes [Read Order]")
![Penalty u/s 271D of Income Tax Act for Exceeding Cash Transaction Limit shall not be imposed on loan taken from through Account Payee Cheques: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Penalty-Income-Tax-Act-Exceeding-Cash-Transaction-imposed-on-loan-taken-loan-Account-Payee-Cheques-ITAT-taxscan.jpg "Penalty u/s 271D of Income Tax Act for Exceeding Cash Transaction Limit shall not be imposed on loan taken from through Account Payee Cheques: ITAT [Read Order]")
![No addition can be made on basis of Notional Interest due to failure to Receive Interest for loan Advances by assessee Finance Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Notional-Interest-failure-to-receive-Interest-for-loan-failure-to-receive-Interest-Interest-for-loan-loan-Interest-Finance-Company-ITAT-Taxscan.jpg "No addition can be made on basis of Notional Interest due to failure to Receive Interest for loan Advances by assessee Finance Company: ITAT [Read Order]")
Loan Sanctioned based on Fake ITR and Challan: ICAI finds Chartered Accountant Guilty of Misconduct [Read Order]
The Institute of Chartered Accountants of India (ICAI) found Chartered Accountants (CA) guilty of reporting irregularities in Income Tax Return (ITR) while Sanctioning loans based on Fake ITR and...
Loan to Credit Card Holders are Not Part of Credit Card Service, No GST Exemption: Calcutta HC [Read Order]
The Calcutta High Court has held that loans to credit card holders are not part of credit card service and held that No Goods and Service Tax Exemption. Ramesh Kumar Patodia, the appellant writ...
![Loan to Credit Card Holders are Not Part of Credit Card Service, No GST Exemption: Calcutta HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Loan-to-Credit-Card-Holders-are-Not-Part-of-Credit-Card-Service-Loan-Credit-Card-Holders-GST-Exemption-GST-Calcutta-High-Court-Taxscan.jpg "Loan to Credit Card Holders are Not Part of Credit Card Service, No GST Exemption: Calcutta HC [Read Order]")
Loan Advanced to Non-Relative Partner of Company without Securing Interest in Absence of Registered Documents: ITAT directs Re-Adjudication [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench while directing re-adjudication in cases related to loan advanced to Non-relative partners of the company without securing interest in...
![Loan Advanced to Non-Relative Partner of Company without Securing Interest in Absence of Registered Documents: ITAT directs Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Loan-Re-adjudication-ITAT-ITAT-directs-Re-Adjudication-Absence-of-Registered-Documents-Taxscan.jpg "Loan Advanced to Non-Relative Partner of Company without Securing Interest in Absence of Registered Documents: ITAT directs Re-Adjudication [Read Order]")
Turnover of a Company Alone Cannot be Considered as Source of Loan Advanced to Assessee, Secondary Onus Needs to be Proved: ITAT Deletes Income Tax Addition [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the turnover alone could not be considered as source of loan as advanced to the assessee, thus directed the Assessing Officer (AO)...
![Turnover of a Company Alone Cannot be Considered as Source of Loan Advanced to Assessee, Secondary Onus Needs to be Proved: ITAT Deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Turnover-of-a-Company-Alone-Cannot-be-Considered-as-Source-of-Loan-Turnover-of-a-Company-Source-of-Loan-Advanced-to-Assessee-ITAT-Income-Tax-Addition-Taxscan.jpg "Turnover of a Company Alone Cannot be Considered as Source of Loan Advanced to Assessee, Secondary Onus Needs to be Proved: ITAT Deletes Income Tax Addition [Read Order]")
No addition shall be made on Loan Advanced to Directors and Sister Concern of company from Interest Free Fund: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai Bench held that no addition should be made on loan advanced to directors and sister concern of the company from interest free Fund. The assessee...
![No addition shall be made on Loan Advanced to Directors and Sister Concern of company from Interest Free Fund: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/addition-Loan-Advanced-directors-Sister-Concern-company-Interest-Free-Fund-ITAT-taxscan.jpg "No addition shall be made on Loan Advanced to Directors and Sister Concern of company from Interest Free Fund: ITAT [Read Order]")
No Additions can be made u/s 68 of Income Tax Act when the Identities of lenders are Proved and loans are Repaid: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that no additions can be made under Section 68 of the Income Tax Act, 1961 when the identities of the lenders are proved and loans...
![No Additions can be made u/s 68 of Income Tax Act when the Identities of lenders are Proved and loans are Repaid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/of-Income-Tax-Act-Identities-of-lenders-are-Proved-loans-are-Repaid-ITAT-taxscan.jpg "No Additions can be made u/s 68 of Income Tax Act when the Identities of lenders are Proved and loans are Repaid: ITAT [Read Order]")
ITAT upholds Penalty imposed for violating Provision of S.269SS of Income Tax Act due to accepting Loan from Company’s Managing Director [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai Bench uphled the penalty imposed for violating the provision of Section 269SS of Income Tax Act 1961 due to accepting loan from companies managing...
![ITAT upholds Penalty imposed for violating Provision of S.269SS of Income Tax Act due to accepting Loan from Company’s Managing Director [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-Penalty-violating-Provision-Income-Tax-Act-Loan-from-Companys-Managing-Director-Loan-Companys-Managing-Director-taxscan.jpg "ITAT upholds Penalty imposed for violating Provision of S.269SS of Income Tax Act due to accepting Loan from Company’s Managing Director [Read Order]")