Failure to Prove Authenticity of Loan Transactions: ITAT holds Unsecured Loans as Unexplained Cash Credits u/s 68 of Income Tax Act
The Raipur bench of Income Tax Appellate Tribunal (ITAT) has recently upheld the decision of the lower authority held that unsecured loans are...
![ITAT quashes Assessment Order Due to Lack of Opportunity given to be Heard to Assessee u/s 144A [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-quashes-Assessment-Order-ITAT-Assessment-Order-Heard-to-Assessee-taxscan.jpg "ITAT quashes Assessment Order Due to Lack of Opportunity given to be Heard to Assessee u/s 144A [Read Order]")
![No Addition on Unaccounted Income on Inclusion of Sale of Jewellery as LTCG in ROI: ITAT quashes Assessment Order and Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/No-Addition-on-Unaccounted-Income-No-Addition-Unaccounted-Income-Income-Inclusion-of-Sale-of-Jewellery-LTCG-ROI-ITAT-quashes-Assessment-Order-and-Penalty-taxscan.jpg "No Addition on Unaccounted Income on Inclusion of Sale of Jewellery as LTCG in ROI: ITAT quashes Assessment Order and Penalty [Read Order]")
![No Addition can be made on Unexplained Cash Credit from Sale and Purchase of Shares: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Addition-can-be-made-on-Unexplained-Cash-Credit-Sale-and-Purchase-of-Shares-ITAT-TAXSCAN.jpg "No Addition can be made on Unexplained Cash Credit from Sale and Purchase of Shares: ITAT [Read Order]")
Addition made on Loan Amount u/s 68 of Act are based on Utter Suspicion and Conjectures: ITAT deletes Addition [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that additions made on loan amount under Section 68 of the Income Tax Act 1961 are based on uttar suspicion and...
![Addition made on Loan Amount u/s 68 of Act are based on Utter Suspicion and Conjectures: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Addition-made-on-Loan-Amount-ITAT-deletes-Addition-Addition-Loan-Amount-Utter-Suspicion-Utter-Suspicion-and-Conjectures-Conjectures-ITAT-Income-tax-taxscan.jpg "Addition made on Loan Amount u/s 68 of Act are based on Utter Suspicion and Conjectures: ITAT deletes Addition [Read Order]")
Information relied upon by AO does not have any bearing to Search Conducted: ITAT deletes S. 153C Addition [Read Order]
The Mumbai Income Tax Appellate Tribunal (ITAT)has recently while deleting additions made under section 153C of Income Tax Act 1961 observed that Information relied upon by the assessing officer did...
![Information relied upon by AO does not have any bearing to Search Conducted: ITAT deletes S. 153C Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Information-AO-Search-Conducted-ITAT-TAXSCAN.jpg "Information relied upon by AO does not have any bearing to Search Conducted: ITAT deletes S. 153C Addition [Read Order]")
![Mere Possession of Bank Passbook not to be treated as Books of Accounts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/possession-of-bank-passbook-bank-passbook-ITAT-Books-of-Accounts-Income-Tax-Taxscan.jpg "Mere Possession of Bank Passbook not to be treated as Books of Accounts: ITAT [Read Order]")
![AO couldn’t point out Deficiency in Documents, No Addition u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Documents-Income-Tax-Act-Income-Tax-Tax-ITAT-taxscan.jpg "AO couldn’t point out Deficiency in Documents, No Addition u/s 68 of Income Tax Act: ITAT [Read Order]")
Inflated Sales during Demonetization Period to be Computed After Considering Average Sales of Prior One Year: ITAT [Read Order]
The Bangalore bench of Income Tax Appellate Tribunal ( ITAT ) recently held that inflated sales during demonetization period to be computed after considering average sales of prior one year. The...
![Inflated Sales during Demonetization Period to be Computed After Considering Average Sales of Prior One Year: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Average-Sales-Demonetization-ITAT-Income-Tax-Tax-taxscan.jpg "Inflated Sales during Demonetization Period to be Computed After Considering Average Sales of Prior One Year: ITAT [Read Order]")
Budget 2023 Mandates Valuation of Inventory by Cost Accountant for Proceedings relating to Section 68 of Income Tax Act [Read Finance Bill]
The Union Budget 2023 has inserted a new provision mandating valuation of inventory by a Cost Accountant for the proceedings relating to section 68 of the Income Tax Act, 1961. Clause 68 of the...
