![Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Kolkata-Income-Tax-Section-411-of-Income-Tax-Act-Trading-Liability-Due-Absence-of-Liability-in-Books-Taxscan-1.jpg "Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]")
Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 40 lakhs under Section 68 of the Income Tax Act, 1961 as...
![AO cannot Draw Adverse Inference on Non response of Directors to Notices: Calcutta HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/AO-Draw-Adverse-Inference-Non-response-Directors-Notices-Calcutta-HC-taxscan.jpg "AO cannot Draw Adverse Inference on Non response of Directors to Notices: Calcutta HC [Read Order]")
![AO Misconstrued Directions given by PCIT in Revisionary Order regarding Payment of Loans: ITAT directs re adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/AO-Misconstrued-Directions-PCIT-Revisionary-Order-Payment-of-Loans-ITAT-re-adjudication-TAXSCAN.jpg "AO Misconstrued Directions given by PCIT in Revisionary Order regarding Payment of Loans: ITAT directs re adjudication [Read Order]")
![Receipts by Taxpayer cannot be added to Income for Non-Compliance of Summons under Section 131 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Kolkata-ITAT-Income-Tax-Income-Tax-Act-Section-131-of-Income-Tax-Act-ITAT-decision-on-taxpayer-receipts-Taxscan.jpg "Receipts by Taxpayer cannot be added to Income for Non-Compliance of Summons under Section 131 of Income Tax Act: ITAT [Read Order]")
![ITAT directs Re adjudication with respect to Source Of Money Trail related to Unsecured Loan [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Bangalore-Income-Tax-Source-Of-Money-Trail-TAXSCAN.jpg "ITAT directs Re adjudication with respect to Source Of Money Trail related to Unsecured Loan [Read Order]")
ITAT quashes Reassessment Proceedings initiated on basis of Investigation Report without make Enquiry of Investment in Stock Exchange Transactions [Read Order]
The Delhi bench Income Tax Appellate Tribunal ( ITAT ) quashed reassessment proceedings initiated on the basis of investigation report of Kolkata Wing without making enquiry of investment in stock...
![ITAT quashes Reassessment Proceedings initiated on basis of Investigation Report without make Enquiry of Investment in Stock Exchange Transactions [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-Delhi-ITAT-Income-Tax-Investment-in-Stock-Exchange-Transactions-Stock-Exchange-Transactions-Stock-Exchange-Taxscan.jpg "ITAT quashes Reassessment Proceedings initiated on basis of Investigation Report without make Enquiry of Investment in Stock Exchange Transactions [Read Order]")
Personal Identity of Depositors Confirmed: ITAT upholds deletion of addition u/s 68 of Income Tax Act [Read Order]
The two member bench of the Income Tax Appellate Tribunal ( ITAT ) Delhi, upheld the deletion of addition under Section 68 of the Income Tax Act, 1961, confirming the personal identity of depositors....
![Personal Identity of Depositors Confirmed: ITAT upholds deletion of addition u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/TAT-Delhi-Income-Tax-Act-Income-Tax-ITAT-Decision-on-Section-68-Income-Tax-Act-Section-68-Taxscan.jpg "Personal Identity of Depositors Confirmed: ITAT upholds deletion of addition u/s 68 of Income Tax Act [Read Order]")
ITAT upholds Addition in Absence of Cogent Material for genuineness of Share Application/Subscription Transaction [Read Order]
The Pune bench of Income Tax Appellate Tribunal ( ITAT ), while upholding the addition made under section 68 of the Income Tax Act, 1961 held that the assessee failed due to the absence of...
![ITAT upholds Addition in Absence of Cogent Material for genuineness of Share Application/Subscription Transaction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-Pune-Income-Tax-Share-Application-Subscription-Transaction-Genuineness-of-Share-Application-taxscan.jpg "ITAT upholds Addition in Absence of Cogent Material for genuineness of Share Application/Subscription Transaction [Read Order]")
Purchase Expenditure is Outflow against Income Falling within Ambit of u/s 68 of Income Tax Act: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) Purchase expenditure is outflow against income falling within ambit of under Section 68 of Income Tax Act 1961. The counsels for the...
![Purchase Expenditure is Outflow against Income Falling within Ambit of u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Purchase-Expenditure-Outflow-Income-Falling-Ambit-Income-Tax-Act-ITAT-taxscan.jpeg "Purchase Expenditure is Outflow against Income Falling within Ambit of u/s 68 of Income Tax Act: ITAT [Read Order]")
Sale Receipts already recorded as Income or Loss at time of Sale is Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) observed that the Sale receipts already recorded as income or loss at time of sale was unexplained cash credit under Section 68 of...
![Sale Receipts already recorded as Income or Loss at time of Sale is Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Sale-Receipts-recorded-Income-or-Loss-Unexplained-Cash-Credit-Income-Tax-Act-ITAT-TAXSCAN.jpg "Sale Receipts already recorded as Income or Loss at time of Sale is Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]")
Inappropriate use of discretionary powers by the Income Tax Department under Section 68 of the Income Tax Act: ITAT dismisses appeal [Read Order]
The Kolkata bench of the Income Tax Appellate Authority rejected revenue’s case for filing an appeal against the decision on CIT(A) for taxing the assessee under Section 68 of the Income Tax...
![Inappropriate use of discretionary powers by the Income Tax Department under Section 68 of the Income Tax Act: ITAT dismisses appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-Department-ITAT-Kolkata-Income-Tax-Revenue-case-rejection-Assessee-taxation-ITAT-appeal-dismissal-taxscan.jpg "Inappropriate use of discretionary powers by the Income Tax Department under Section 68 of the Income Tax Act: ITAT dismisses appeal [Read Order]")
ITAT remands matter of Moraj Group Director Priya Gurnani to AO for examination on alleged entry provider used to accommodate capital gains and unsecured loans [Read Order]
In a significant move, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench has remanded the matter of Priya Gurnani, Co-Founder of Moraj Group for fresh examination of the entry provider allegedly...
![ITAT remands matter of Moraj Group Director Priya Gurnani to AO for examination on alleged entry provider used to accommodate capital gains and unsecured loans [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Moraj-Group-ITAT-Capital-Gain-Unsecured-Loan-Moraj-Group-Director-Priya-Gurnani-Alleged-Entry-Provider-AO-TAXSCAN.jpg "ITAT remands matter of Moraj Group Director Priya Gurnani to AO for examination on alleged entry provider used to accommodate capital gains and unsecured loans [Read Order]")