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Validity of Cash Deposits as Agricultural Income u/s 68: ITAT Finds Addition Unjustifiable [Read Order]

Sneha Sukumaran Mullakkal

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) found validity of cash deposits as agricultural income under Section 68 of Income Tax...

S. 263 of Income Tax Act cannot be initiated based on “Borrowed Satisfaction" ITAT [Read Order]

Unexplained Cash Deposits during Demonetization: ITAT Limits Addition to ₹10 Lakhs Considering...

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 reopening was made

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that the reopening of the assessment was bad in law as the assessing officer ( AO ) made no addition in respect...

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

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded a case involving unsecured loans of Rs.1.42 crore back to the Commissioner of Income Tax (Appeals), CIT(A) for fresh...

₹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...

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