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Section 68 of Income...

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

Sneha Sukumaran Mullakkal

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

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

Revisionary Proceedings u/s 263 Income Tax Act cannot be invoked merely on Stock Valuation on Second...

Re-Deposits of Cash in Hand during Demonetisation: ITAT deletes ₹18.25 Lakh Addition [Read Order]

Unexplained Cash Deposit during Demonetization: ITAT directs Assessee to Establish Genuineness [Read...

CIT(A) Erroneous in dismissing Appeal for Non-Compliance w/o Addressing Merits: ITAT [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that the Commissioner of Income Tax (Appeals) [CIT(A)] erred in dismissing an appeal for non-compliance...

ITAT Remands Case to AO after CIT (A) Rejects ITR and other Documents Linked to Unexplained Cash Credits from Relatives [Read Order]

The two-member bench of the Income Tax Appellate Tribunal (ITAT), Ahmedabad, remanded the case to the Assessing Officer after the Commissioner of Income Tax (Appeals) [CIT(A)] failed to verify the...

CIT (A) cannot Dismiss Appeal for Non-Prosecution u/s 250 (6): ITAT orders for Fresh-Adjudication [Read Order]

The two member bench of the Income Tax Appellate Tribunal ( ITAT ), Ahmedabad has ruled that the Commissioner of Income Tax (Appeals) [CIT (A)] cannot dismiss an appeal for non-prosecution under...

Non-Verification of Gifts from Grandmother: ITAT remands Matter for Consideration of Additional Documents [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) ordered JAO to consider additional documents filed before CIT(A) due to non - verification of gifts that were...

Proper Adjudication and Verification needed for Addition of Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the matter to the Assessing Officer (AO) for proper verification and adjudication under Section 68 of Income Tax Act, 1961 after...

Genuineness of small-time Investments: ITAT directs AO to delete Additions of Rs.22,02,620/- [Read Order]

In a recent decision by the Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ), the question of the genuineness of investments made by small-time investors in a limited company was addressed....

Receipt of Subscription Amount from Holding Company: Calcutta HC reaffirms Income Tax Addition Deleted by ITAT [Read Order]

The Calcutta High Court recently in a case reaffirmed Income Tax Appellate Tribunal ( ITAT ) deletion of addition made on Income Tax under section 68 of the Income Tax Act 1961. Consequently, the...

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