![₹1 Crore Addition for Unexplained Loans: ITAT Deletes Addition due to Sufficient Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/03/Unexplained-Loans-Loans-Sufficient-Evidence-taxscan.jpg "₹1 Crore Addition for Unexplained Loans: ITAT Deletes Addition due to Sufficient Evidence [Read Order]")
₹1 Crore Addition for Unexplained Loans: ITAT Deletes Addition due to Sufficient Evidence [Read Order]
The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the ₹1 crore addition made under Section 68 of Income Tax Act,1961 for unexplained...
![AO Fails assuming 8% of Unsecured Loans from Non-Members as Net Profit: ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Ahmedabad-AO-Net-Profit-Unsecured-Loans-Taxscan.jpg "AO Fails assuming 8% of Unsecured Loans from Non-Members as Net Profit: ITAT deletes addition [Read Order]")
Sanctions Loans on basis of Fake ITR and Partnership Deed: ICAI reprimands CA guilty of Professional Misconduct during Bank Audit
The Institute of Chartered Accountants (ICAI) Disciplinary Committee found that the Chartered Accountant (CA) V. Kandasamy was guilty of professional misconduct during the bank audit. The CA failed...
Interest Expenses incurred for earning Income from Loans and Advances shall not be Disallowed u/s 57 of Income Tax Act: ITAT [Read Order]
The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has recently held that the interest expenses incurred for earning income from loans and advances should not be disallowed under Section 57...
![Interest Expenses incurred for earning Income from Loans and Advances shall not be Disallowed u/s 57 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-Expenses-Income-from-Loans-Income-Loans-Loans-and-Advances-Disallowed-Income-Tax-Act-ITAT-Income-Tax-taxscan.jpg "Interest Expenses incurred for earning Income from Loans and Advances shall not be Disallowed u/s 57 of Income Tax Act: ITAT [Read Order]")
Provision of Section 269SS/269T of IT Act not applicable if AO found no Explanation Regarding Source of Cash Loans during Search Proceedings: ITAT deletes Penalty [Read Order]
The Indore bench of Income Tax Appellate Tribunal (ITAT) has recently held that provision of section 269SS/269T Income Tax Act 1961 should not be applicable if Assessing Officer (AO) not found...
![Provision of Section 269SS/269T of IT Act not applicable if AO found no Explanation Regarding Source of Cash Loans during Search Proceedings: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/IT-Act-not-applicable-IT-Act-Cash-Loans-Loan-source-of-Cash-Loans-during-search-proceedings-ITAT-deletes-penalty-ITAT-penalty-taxscan.jpg "Provision of Section 269SS/269T of IT Act not applicable if AO found no Explanation Regarding Source of Cash Loans during Search Proceedings: ITAT deletes Penalty [Read Order]")
Interest on Loans obtained for Own Business Purposes Constitutes Business Expenditure, Deduction Allowable: ITAT [Read Order]
The Income Tax Appellate Tribunal ‘A’ bench, Chennai, has recently, in an appeal filed before it, held that interest on loans obtained for own business purposes constitutes business expenditure and...
![Interest on Loans obtained for Own Business Purposes Constitutes Business Expenditure, Deduction Allowable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Interest-Loans-Business-Business-Expenditure-Deduction-Allowable-ITAT-TAXSCAN.jpg "Interest on Loans obtained for Own Business Purposes Constitutes Business Expenditure, Deduction Allowable: ITAT [Read Order]")