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No Physical Notice of Hearing served by Income Tax First Appellate: ITAT sets aside CIT (A)’s Ex Parte Order [Read Order]

Varda Marakkar

In a recent case, The Income Tax Appellate Authority (ITAT) of Delhi set aside the Ex Parte order given by the Commissioner of Income Tax (Appeals) [...

Identity of Parties, Share Applicant, Vendor, Promoters and Genuineness of Transaction of Land is...

Mere Suspicion cannot be a Ground for Issuance of Notice u/s 148 of the Income Tax Act: ITAT [Read...

Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under...

Creditworthiness of Shares Subscribers and Genuineness of Transactions proved by Supported...

Taxpayer Provides Adequate and Credible Evidence on Identity, Creditworthiness and Genuineness of Share Subscription Transactions: ITAT deletes addition u/s 68 [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under Section 68 of Income Tax Act, 1961 after the taxpayer provided adequate and credible evidence on their...

No Addition u/s 68 of Income Tax Act on Share Premium allowable when Identity & Creditworthiness of Share Subscribers Proved: ITAT [Read Order]

In a recent ruling, the Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) held that once the assessee has proved the identity and creditworthiness of the share subscribers,the burden shifts...

Recoveries of farmer’s advances duly reflected in Cash Book, not Unexplained Cash credit u/s 68 of Income Tax Act: ITAT [Read Order]

The Chennai Bench, Income Tax Appellate Tribunal ( ITAT ) held that when recoveries of farmers advances were duly reflected in cash book of assessee it would not be treated as unexplained cash...

Transaction of Deposit by Assessee Company were Genuine: ITAT deletes Unexplained Credits u/s 68 of Income Tax Act [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted unexplained credits under Section 68 of the Income Tax Act, 1961, as it found the deposit transactions by the Assessee Company to...

Taxpayer Explains Source of Capital Enhancement in balance sheet: ITAT deletes addition of 89. 7 Lakhs u/s 68 of Income Tax Act [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of 89.7 Lakhs under Section 68 of the Income Tax Act, 1961 after the taxpayer provided an explanation for the source...

Taxpayer Substantiates Cash Deposit Source with Sufficient Evidence: ITAT Deletes Addition of 28 lakhs [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled in favor of the taxpayer, deleting an addition of 28 lakhs after the taxpayer successfully substantiated the source of a cash deposit...

Opportunity to be Heard Denied: ITAT deletes addition u/s 68 of Income Tax Act [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under Section 68 of the Income Tax Act, 1961 citing denial of the opportunity to be heard. The Respondent Saivi...

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