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Unexplained Credit Addition u/s 68: ITAT Upholds CIT(A)’s Order, Citing Retraction of Statements and Documentary Evidence [Read Order]

Franklin Joshva

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) upheld the deletion of the addition of Rs. 6,93,00,000 under Section 68 of the Income...

Commission on Accommodation Entries Restricted to 2.5%: ITAT Delhi Upholds CIT(A) Order [Read Order]

Incomplete Analysis of ₹2.17 Cr Unsecured Loan: ITAT Directs to Verify Documents [Read Order]

Delhi HC: No Income Tax Applicable Without Actual Transfer, Even for Property Worth ₹150 Cr [Read...

Assessee Produced Documentary Evidence to Prove Genuineness of Share Capital: ITAT Confirms CIT(A)’s...

₹5 Crore Income Tax Demand Dropped! CA Praises Faceless Appeal for Hassle & Corruption Free Process

A proposed tax addition of Rs. 5 crores was dropped during the faceless appeal process by the Income Tax Department. The case involved an alleged unexplained unsecured loan under Section 68 of the...

ITAT Upholds Deletion of Bogus LTCG Addition, Rules No Evidence of Tax Evasion in Share Transactions [Read Order]

The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has upheld the decision of the Commissioner of Income Tax (Appeals) to delete a ₹5.60 crore addition made under Section 68 of the Income Tax...

Co-op Bank Fails to Prove Identity and Creditworthiness of Depositors: ITAT upholds S. 68 addition and dismisses claim u/s 80P(2)(i)(a) [Read Order]

The Cochin bench of the Income Tax Appellate Tribunal (ITAT) dismissed the appeals filed by Peeroorkada Service Co-operative Bank Ltd and upheld the additions made under Section 68 of the Income Tax...

Paper books Proving Genuineness of Unsecured Loan and Movt of Funds: ITAT grants one Last Opportunity to Contest [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has remanded back an addition of ₹40 lakh made under Section68 of the income tax act, 1961, directing the Assessing Officer (AO) to ...

Bank Passbook Not Regarded as 'Books of Account’: ITAT Rejects S. 68 Addition Made Without Assessee's Books [Read Order]

The Income Tax Appellate Tribunal, Delhi Bench held that a bank passbook cannot be treated as ‘books of account’ for the purpose of invoking Section 68 of theIncome Tax Act, 1961. The assessee,...

ITAT Deletes Addition u/s 68, Rules Assessee Proved Source of Funds for Land Purchases in Earlier Years [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has deleted an addition of Rs. 3.12 crore made under Section 68 of the Income Tax Act, 1961, holding that Raksha Buildtech Private Limited had...

Mere Non-Compliance of Summons u/s 131 Not Ground for Addition u/s 68 When Evidences Furnished before AO: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that in cases of unabated assessments, no addition can be sustained under Section 68 of the Income Tax Act, 1961, in the...