Read all Latest Updates on and about section 131 of Income Tax Act

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Taxpayer Must Disclose Cash-in-Hand, Bank Balances, and Receivables Even Under Presumptive Taxation Scheme: ITAT [Read Order]

Kavi Priya

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) ruled that a taxpayer must disclose cash-in-hand, bank balances, and receivables even...

Additional Income of Assessee cannot be treated as Concealed Income under Income Tax Act: Kerala HC...

No Cogent Evidence to Establish that Properties Sold by Taxpayer are Agricultural Land: ITAT deletes...

Addition as Unexplained Purchase Expenses shall be made on failure to Establish any Evidence for...

Failure to Discharge onus to Prove Genuineness of cash credited by cheques in various Bank Accounts:...

Issuing Notices u/s 153C of Income Tax Act shall be from Six AYs immediately Preceding A.Y: ITAT dismiss Appeal [Read Order]

The Income Tax Appellate Tribunal (ITAT) Delhi Bench while dismissing the appeal filed by the revenue held that issuing notices under Section 153C of Income Tax Act, 1961 should be from six...

Non -Resident assessee not required to Disclose any Asset held Outside India in Return of Income filed in India: ITAT quashes Re-assessment Order [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has recently held that non resident assessees should not be required to disclose any asset held outside India in return of income file in...

Treatment of Booking Advances as Unexplained Cash Credits: ITAT quashes Disproportionate Addition towards Co-Owners of Land [Read Order]

The Surat Bench of Income Tax Appellate Tribunal (ITAT) has quashed the disproportionate addition towards co-owners of land as the booking advances were treated as unexplained cash credits. The...

Addition Based on Non-Appearance of Company Directors on the basis of unproven Identity of Subscriber not Sustainable: ITAT [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that the addition based on non-production of company directors on the ground that identity of the subscribers were not proved would...

Mere filing of Affidavit is not sufficient to prove the Capacity and Source of Persons who gave Money to Assessee: ITAT grants Rs.10 lakh Relief [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) while granting Rupees 10 lakh relief to assessee held that merely filing of the affidavit is not sufficient to prove...

Job Work Expenses can't be disallowed in absence of Culpable Evidence with Revenue: ITAT [Read Order]

In a recent ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that job work expenses can't be disallowed in absence of culpable evidence with revenue. United Foods Private...

Income Tax: PCIT can’t expand Limited Scrutiny while invoking Revisional Jurisdiction, says ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that the addition against the wife cannot be made solely relying upon statements of the husband recorded under section 131 of Income Tax...