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Unexplained Cash Deposits during Demonetization: ITAT Limits Addition to ₹10 Lakhs Considering Possible Cash Sales [Read Order]

Sneha Sukumaran Mullakkal

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) limits the addition of unexplained cash deposits during demonetization to ₹10 lakhs,...

Genuineness of Share Capital: ITAT quashes Rs. 2.62 Crore Addition u/s 68 [Read Order]

Long-Term Capital Gains cannot be deemed Bogus as AO fails to prove Price Rigging: ITAT [Read Order]

ITAT invalidates Reassessment proceeding: No addition made by AO in respect of the issue for which...

ITAT Remands Case Back to CIT(A) for Fresh Adjudication Over Unsecured Loans of Rs.1.42 Crore [Read...

₹3 Crores Gift from NRI Son to Mother Deemed Valid and Non-Taxable: ITAT Citing Donor's Sufficient Funds [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that Rs. 3 crores gift received by the assessee from her NRI son was deemed valid and non-taxable under the Income Tax Act citing...

Income Tax Case Digest: Addition on Cash Deposits - Part 1

Unexplained cash deposits have been a focal point of scrutiny in the Indian income tax framework. Section 69A of the Income Tax Act, 1961, is a crucial provision empowering tax authorities to tax...

Income Tax - Case Digest - Addition on Cash - Digest - Income Tax Act 1961- taxscan

Madras HC rules 60% Tax Rate for Demonetization Deposits u/s 115BBE applies Prospectively from 01.04.2017, Orders 30% Tax Reassessment [Read Order]

In a recent ruling, the Madurai Bench of Madras High Court ruled that the increased 60% tax rate under Section 115BBE of the Income Tax Act applies prospectively from 01.04.2017 and ordered...

Madras HC -Tax Rate for Demonetization Deposits- Prospectively -Tax Reassessment - taxscan

ITAT Weekly Round Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during the previous week 9th November 2024 to 15th November...

ITAT Remands Case to CIT(A) for Reassessment, Allowing Assessee Another Opportunity to Substantiate Rs. 51.20 Lacs Cash Credit [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the case to the Commissioner of Income Tax (Appeals) [CIT(A)] for reassessment, allowing the assessee another opportunity to...

ITAT directs AO to delete Additions u/s68, confirming Source of Investment [Read Order]

The Visakhapatnam Bench of Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to delete the additions made under section 68 of the Income Tax Act,1961 confirming that the...

Revisionary Proceedings u/s 263 Income Tax Act cannot be invoked merely on Stock Valuation on Second Opinion: ITAT [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that the revisionary proceedings under Section 263 Income Tax Act, 1961, cannot be invoked merely on stock...

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