![Addition made by AO u/s 68 Not sustainable when Assessee has proved identity, Creditworthiness, and Genuineness of Share Capital transactions: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Addition-ITAT-AO-Assessee-sustainable-when-Assessee-has-proved-identity-taxscan.jpg "Addition made by AO u/s 68 Not sustainable when Assessee has proved identity, Creditworthiness, and Genuineness of Share Capital transactions: ITAT [Read Order]")
Addition made by AO u/s 68 Not sustainable when Assessee has proved identity, Creditworthiness, and Genuineness of Share Capital transactions: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the additions made by the Assessing Officer under Section 68 of the Income Tax...
![Income Tax Addition u/s 68 of Income Tax Act without giving Opportunity to Assessee for Cross Examination of Third Person: ITAT orders Fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Tax-Income-Tax-Act-Opportunity-Assessee-Cross-Examination-Third-Person-ITAT-Fresh-Adjudication-TAXSCAN.jpg "Income Tax Addition u/s 68 of Income Tax Act without giving Opportunity to Assessee for Cross Examination of Third Person: ITAT orders Fresh Adjudication [Read Order]")
![AO not justified in comparing market value of land for distress sale, which is less than that of the stamp duty value: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/AO-market-value-land-distress-sale-stamp-duty-value-ITAT-Addition-TAXSCAN.jpg "AO not justified in comparing market value of land for distress sale, which is less than that of the stamp duty value: ITAT deletes Addition [Read Order]")
![Non - Invocation of Section 115 BBE of Income Tax Act on the addition made on account of unexplained sundry creditors is an error in assessment order: ITAT upholds Revision order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Non-Invocation-of-Section-115-BBE-of-Income-Tax-Act-on-the-addition-made-on-account-of-unexplained-sundry-creditors-is-an-error-in-assessment-order-ITAT-upholds-Revision-order-TAXSCAN.jpg "Non - Invocation of Section 115 BBE of Income Tax Act on the addition made on account of unexplained sundry creditors is an error in assessment order: ITAT upholds Revision order [Read Order]")
![ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products Deposited in Bank During Demonetisation Period [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-directs-to-Estimate-25-Profit-Towards-Income-from-Sale-of-Milk-Products-ITAT-Profit-Sale-of-Milk-Products-Demonetisation-Period-Taxscan.jpg "ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products Deposited in Bank During Demonetisation Period [Read Order]")
Records maintained for sales carried out by assessee prevents credit to be held as unexplained cash U/S 68: ITAT deletes Addition [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that the credit could not be held to be unexplained cash credit and the impugned additions are not sustainable in law. The...
![Records maintained for sales carried out by assessee prevents credit to be held as unexplained cash U/S 68: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Records-sales-assessee-credit-ITAT-deletes-addition-addition-taxscan.jpg "Records maintained for sales carried out by assessee prevents credit to be held as unexplained cash U/S 68: ITAT deletes Addition [Read Order]")
SEZ Developer Not Entitled to Deduction on Sale of Food and Beverages u/s 80IAB of Income Tax Act: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a SEZ developer is not entitled to a deduction on the sale of food and beverages under section 80IAB of the Income Tax Act,...
![SEZ Developer Not Entitled to Deduction on Sale of Food and Beverages u/s 80IAB of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/SEZ-Developer-Not-Entitled-to-Deduction-Sale-of-Food-and-Beverages-SEZ-Developer-Deduction-Income-Tax-Act-ITAT-taxscan.jpg "SEZ Developer Not Entitled to Deduction on Sale of Food and Beverages u/s 80IAB of Income Tax Act: ITAT [Read Order]")
Withdrawal of Amount from Bank Account for Purchase of Property and Redeposit of same Bank as Purchase Deal not Fructified: ITAT deletes addition u/s 68 [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition under Section 68 of the Income Tax Act 1961 as the amount from bank account for property was deposited but redeposited...
![Withdrawal of Amount from Bank Account for Purchase of Property and Redeposit of same Bank as Purchase Deal not Fructified: ITAT deletes addition u/s 68 [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Withdrawal-Amount-Bank-Account-Withdrawal-of-Amount-from-Bank-Account-for-Purchase-of-Property-taxscan.jpg "Withdrawal of Amount from Bank Account for Purchase of Property and Redeposit of same Bank as Purchase Deal not Fructified: ITAT deletes addition u/s 68 [Read Order]")
No Addition u/s 68 of Income Tax Act shall be made if Amount does not appear in Books of Account: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that no additions under Section 68 of the Income Tax Act, 1961 shall be imposed if the amount doesn’t appear in the book of account. ...
![No Addition u/s 68 of Income Tax Act shall be made if Amount does not appear in Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Act-Amount-Books-Account-ITAT-TAXSCAN.jpg "No Addition u/s 68 of Income Tax Act shall be made if Amount does not appear in Books of Account: ITAT [Read Order]")
No addition can be made u/s 68 of Income Tax Act in hands of assessee Firm on account of Capital introduced by Partners: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that no addition could be made under Section 68 of Income Tax Act, 1961 in hands of the assessee firm on account of the capital introduced by...
![No addition can be made u/s 68 of Income Tax Act in hands of assessee Firm on account of Capital introduced by Partners: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/No-addition-addition-Income-Tax-Act-assessee-Firm-account-of-Capital-ITAT-taxscan.jpg "No addition can be made u/s 68 of Income Tax Act in hands of assessee Firm on account of Capital introduced by Partners: ITAT [Read Order]")
![ITAT deletes Addition Made by AO u/s 68 in the Absence of Incriminating Material [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-AO-Absence-Incriminating-Material-TAXSCAN-1.jpg "ITAT deletes Addition Made by AO u/s 68 in the Absence of Incriminating Material [Read Order]")
Separate PAN and Return not Needed when Receipts of Institution Included in Financial Statement of Controlling Entity: ITAT deletes Penalty u/s 68 of Income Tax Act [Read Order]
The Delhi Bench of IncomeTax Appellate Tribunal (ITAT) has deleted the penalty under Section 68 of the Income Tax Act 1961 holding that a separate Permanent Account Number (PAN) and filing of return...
![Separate PAN and Return not Needed when Receipts of Institution Included in Financial Statement of Controlling Entity: ITAT deletes Penalty u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/PAN-Separate-PAN-Separate-PAN-and-Return-not-Needed-when-Receipts-of-Institution-Included-in-Financial-Statement-Statement-of-Controlling-Entity-Receipts-taxscan.jpeg "Separate PAN and Return not Needed when Receipts of Institution Included in Financial Statement of Controlling Entity: ITAT deletes Penalty u/s 68 of Income Tax Act [Read Order]")