![Income from Unexplained cash u/s 68 of Income Tax Act cant be claimed as an Exemption: ITAT dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Income-from-Unexplained-cash-Unexplained-cash-Income-Tax-Act-Exemption-ITAT-dismisses-Appeal-taxscan.jpg "Income from Unexplained cash u/s 68 of Income Tax Act cant be claimed as an Exemption: ITAT dismisses Appeal [Read Order]")
Income from Unexplained cash u/s 68 of Income Tax Act can't be claimed as an Exemption: ITAT dismisses Appeal [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal (ITAT) held that Income received from the unexplained cash under Section 68 of the Income Tax,...
![Onus to Prove Genuineness of Transaction of Sale of Share not being Bogus not Discharged by Mere Filing of Documentary Evidence: ITAT Confirms Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Onus-Prove-Genuiness-Transaction-Sale-Share-Bogus-Documentary-Evidence-ITAT-Income-tax-taxscan.jpg "Onus to Prove Genuineness of Transaction of Sale of Share not being Bogus not Discharged by Mere Filing of Documentary Evidence: ITAT Confirms Income Tax Addition [Read Order]")
![ITAT Directs AO to delete Addition made u/s 68 of Income Tax Act based on Mere Suspicion [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Assessing-officer-Delete-addition-Income-Tax-Act-Suspicion-ITAT-income-tax-act-taxscan.jpg "ITAT Directs AO to delete Addition made u/s 68 of Income Tax Act based on Mere Suspicion [Read Order]")
![Proper Explanation of Income of Sales Cannot be Added u/s 68 of Income Tax Act Unless it Proved as ‘Bogus’: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Proper-Explanation-Income-of-Sales-Income-Tax-Act-Unless-Proved-as-Bogus-TAXSCAN.jpg "Proper Explanation of Income of Sales Cannot be Added u/s 68 of Income Tax Act Unless it Proved as ‘Bogus’: ITAT [Read Order]")
![Absence of Formal Loan Agreement or Repayment Schedule Does Not Justify Treating Unsecured Loan as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/loan-agreement-unsecured-loan-unexplained-cash-credit-itat-income-tax-tax-absence-of-formal-loan-agreement-treating-unsecured-loan-as-unexplained-cash-credit-cash-credit-taxscan.jpg "Absence of Formal Loan Agreement or Repayment Schedule Does Not Justify Treating Unsecured Loan as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]")
Failure to Prove Creditworthiness of Parties and Genuineness of Transaction :ITAT Upholds Addition u/s 68 [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld addition under Section 68 of the Income Tax Act 1961 on failure to prove the creditworthiness of the parties and genuineness of...
![Failure to Prove Creditworthiness of Parties and Genuineness of Transaction :ITAT Upholds Addition u/s 68 [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Creditworthiness-of-Parties-and-Genuineness-of-Transaction-Genuineness-of-Transaction-ITAT-Upholds-Addition-ITAT-Addition-Taxscan.jpg "Failure to Prove Creditworthiness of Parties and Genuineness of Transaction :ITAT Upholds Addition u/s 68 [Read Order]")
Notice Received via Email Despite Form No. 35 Request for Physical Service of Notice: ITAT sets aside Ex-Parte Order [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has set aside the exparte order as the notice was received via email despite the request for physical service of notice in Form No.35. ...
![Notice Received via Email Despite Form No. 35 Request for Physical Service of Notice: ITAT sets aside Ex-Parte Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/EMAIL-NOTICES-ITAT-Notice-Received-via-Email-Despite-TAXSCAN.jpg "Notice Received via Email Despite Form No. 35 Request for Physical Service of Notice: ITAT sets aside Ex-Parte Order [Read Order]")
Mere Furnishing of Income Tax Returns and Bank Statements without any Explanation for Deposits not Meet Requirements of S. 68: ITAT [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has held that mere furnishing of income Tax returns and bank statements without giving any explanation for deposits would not meet the...
![Mere Furnishing of Income Tax Returns and Bank Statements without any Explanation for Deposits not Meet Requirements of S. 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Furnishing-of-Income-Tax-Returns-Income-Tax-Returns-Income-Tax-Bank-Statements-Deposits-ITAT-Taxscan.jpg "Mere Furnishing of Income Tax Returns and Bank Statements without any Explanation for Deposits not Meet Requirements of S. 68: ITAT [Read Order]")
Addition made by AO u/s 68 of IT Act could not made in Absence of any Incriminating Material: ITAT quashes Order [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) quashed the order passed by the assessing officer under section 68 of the Income Tax Act,1961 for an addition made in the absence of...
![Addition made by AO u/s 68 of IT Act could not made in Absence of any Incriminating Material: ITAT quashes Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/IT-Act-could-not-made-Absence-of-any-Incriminating-Material-ITAT-TAXSCAN.jpg "Addition made by AO u/s 68 of IT Act could not made in Absence of any Incriminating Material: ITAT quashes Order [Read Order]")
AO not bound to Make Enquiry unless Assessee has Discharged Initial Onus u/s 68: ITAT Upholds Addition [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has upheld the additional holding that the Assessing officer (AO) was not bound to make enquiry unless the assessee had discharged the initial...
![AO not bound to Make Enquiry unless Assessee has Discharged Initial Onus u/s 68: ITAT Upholds Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/AO-not-bound-to-Make-Enquiry-unless-Assessee-has-Discharged-Initial-Onus-us-68-ITAT-Upholds-Addition-TAXSCAN.jpg "AO not bound to Make Enquiry unless Assessee has Discharged Initial Onus u/s 68: ITAT Upholds Addition [Read Order]")
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 unexplained cash credits under Section 68 of Income Tax...
ITAT quashes Assessment Order Due to Lack of Opportunity given to be Heard to Assessee u/s 144A [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) recently quashed the assessment order passed under Section 144A of the Income Tax Act due to lack Opportunity to be heard for assessee. ...
![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]")