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section 68 of the Act

ITAT Rejects ₹1.17 Crore Addition as Unexplained Cash Credit on LTCG from Shares due to Lack of Evidence [Read Order]

Sneha Sukumaran Mullakkal

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) rejected the addition of Rs. 1,17,78,534/- as unexplained cash credit on Long-Term...

Non-Prosecution of Appeal Due to Non-Issuance of Notices: ITAT Remits Matter to AO [Read Order]

Genuineness and Creditworthiness of Loans: ITAT Directs AO to Reassess Documents and Decide Matter...

Failure to File Return and Pay Tax: ITAT Remands Case to CIT(A) [Read Order]

₹44 Lakh Difference in Agricultural Income Calculation: ITAT calls on Income Tax Department to...

ITAT remands Case for Verification of Unexplained Investment and Loss Set-Off due to Insufficient Evidence [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the case back to the Assessing Officer (AO) for verification of the unexplained investment and loss set-off due to insufficient...

ITAT Overturns AO's Rejection of Books, deletes Addition of Cash Deposits as Unexplained Income Citing Lack of Evidence of Specific Discrepancies [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) overturned the Assessing Officer’s (AO) rejection of books and deleted the addition of Rs. 4,12,67,000 as unexplained income, citing the...

ITAT deletes Addition made by AO for Unsecured Loans, affirming Validity of Sources [Read Order]

The Visakhapatnam Bench of Income Tax Appellate Tribunal ( ITAT ) ruled to delete the addition made by the Assessing Officer ( AO ) for unsecured loans, affirming the validity of the sources provided...

Addition u/s 68 Should Be Restricted To Extent Of Gross Profit At Same Rate Of Genuine Purchases: ITAT [Read Order]

The Bench of the Income Tax Appellate Tribunal ( ITAT ) comprising observed that addition under section 68 of the Income Tax Act, 1961 should be restricted to extent of gross profit at same rate of...

Legitimacy of Income Not Established when Investment made from Share Premium Without Noticeable Business Activity: Calcutta HC [Read Order]

The Calcutta High Court observed that the legitimacy of income not established when investment made from share premium without noticeable business activity. The assessee filed the return of income...

Bombay High Court quashes Faceless Assessment Order passed without issuance of Draft Assessment Order and No personal hearing granted [Read Order]

The Bombay High Court quashed the Faceless Assessment Order passed without the issuance of the draft assessment order and no personal hearing was granted. The Petitioner, Shreeji Investment &...

ITAT deletes addition of Long Term Capital Gains as Undisclosed Income by treating it as Bogus [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench deleted the addition of long-term capital gains as undisclosed income by treating it as bogus. The assessee challenged the validity of...