![ITAT Deletes ₹9.9 Cr Income Tax Addition Over AO’s Profit Overestimation and Unsubstantiated Loans [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/05/ITAT-Income-Tax-Addition-AO-Profit-Overestimation-Unsubstantiated-Loans-taxscan.jpg "ITAT Deletes ₹9.9 Cr Income Tax Addition Over AO’s Profit Overestimation and Unsubstantiated Loans [Read Order]")
ITAT Deletes ₹9.9 Cr Income Tax Addition Over AO’s Profit Overestimation and Unsubstantiated Loans [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) deletes a 9.9 crore tax addition made by the AO because of the overestimation of...
![ITAT deletes Addition of Rs. 25 Lakh as Unexplained Cash Credits, Finds Loan from Promoters Genuine [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-Delhi-ITAT-Unexplained-Cash-Unexplained-Cash-Credits-Taxscan-1.jpg "ITAT deletes Addition of Rs. 25 Lakh as Unexplained Cash Credits, Finds Loan from Promoters Genuine [Read Order]")
![Third-Party Statements cannot be used against assessee until and unless the opportunity of cross examination is afforded: ITAT deletes of addition made u/s 68 IT Act towards receipt of interest free unsecured loan [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Third-Party-Statements-used-against-assessee-until-and-unless-the-opportunity-of-cross-examination-is-afforded-TATIT-Act-towards-receipt-of-interest-free-unsecured-loan-TAXSCAN.jpg "Third-Party Statements cannot be used against assessee until and unless the opportunity of cross examination is afforded: ITAT deletes of addition made u/s 68 IT Act towards receipt of interest free unsecured loan [Read Order]")
![Proof that Entry in Books of Accounts was Loan extended by Dayal Trust: Delhi HC dismisses Income Tax Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Proof-that-Entry-Books-of-Accounts-Loan-extended-Dayal-Trust-Delhi-High-Court-Income-Tax-Appeal-taxscan.jpg "Proof that Entry in Books of Accounts was Loan extended by Dayal Trust: Delhi HC dismisses Income Tax Appeal [Read Order]")
![Availment of Fictitious Loan of Rs 40 lakhs: Delhi HC directs AO to furnish Relevant Material to Support Allegation [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Availment-Delhi-HC-Delhi-HC-directs-AO-to-furnish-Relevant-Material-to-Support-Allegation-taxscan.jpg "Availment of Fictitious Loan of Rs 40 lakhs: Delhi HC directs AO to furnish Relevant Material to Support Allegation [Read Order]")
Conversion of loan amount into equity shares will not exonerate assessee from application of provisions U/S 56(2)(viib): ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that Conversion of loan amount into equity shares will not exonerate assessee from application of provisions under section 56(2)(viib)b...
![Conversion of loan amount into equity shares will not exonerate assessee from application of provisions U/S 56(2)(viib): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Conversion-of-loan-amount-equity-shares-exonerate-assessee-from-application-of-provisions-ITAT-taxscan.jpg "Conversion of loan amount into equity shares will not exonerate assessee from application of provisions U/S 56(2)(viib): ITAT [Read Order]")
Write-off of Bad Debt not Asset, Clause - (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [Read Order]
The Bombay High Court recently ruled that write-off of bad debt is not asset and clause - (a) of 4th proviso to Section 153A(1) of Income Tax Act, 1961 bars assessment. The petitioner, Ashok...
![Write-off of Bad Debt not Asset, Clause - (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Write-off-of-Bad-Debt-Debt-Asset-Income-Tax-Act-Assessment-Bombay-HC-taxscan.jpg "Write-off of Bad Debt not Asset, Clause - (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [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 crane in agreement merely to avail higher banking...
![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]")
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]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that section 41(1) of Income Tax Act, 1961 should not be applied since waiver of loan did not amount to cessation of trading liability....
![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]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that Interest free advances given by the assessee were made in the course of business of the assessee. The assessee was found...
![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]
The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench held that the penalty under Section 271D of Income Tax Act for exceeding cash transactions limit should not be imposed on loans taken...
![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]")