![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]")
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...
![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]](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]](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]")
![Onus is on Income Tax Dept to Prove that Investments Made through Banking Channels is Doubtful: Allahabad HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Income-Tax-Department-Banking-Channels-Investment-through-Banking-Channel-Allahabad-High-Court-Investment-taxscan.jpg "Onus is on Income Tax Dept to Prove that Investments Made through Banking Channels is Doubtful: Allahabad HC [Read Order]")
Deletion of Addition u/s 68 against Bharat Auto based on Vague, Unsubstantiate and Cryptic Findings: ITAT Directs Re-adjudication [Read Notification]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has directed re-adjudication as the deletion of addition under Section 68 of the Income Tax Act 1961 Bharat Auto was based on vague,...
![Deletion of Addition u/s 68 against Bharat Auto based on Vague, Unsubstantiate and Cryptic Findings: ITAT Directs Re-adjudication [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/11/Deletion-of-Addition-Bharat-Auto-based-on-Vague-Unsubstantiate-and-Cryptic-Findings-ITAT-Directs-Re-adjudication-Re-adjudication-ITAT-Income-Tax-Act-TAXSCAN.jpg "Deletion of Addition u/s 68 against Bharat Auto based on Vague, Unsubstantiate and Cryptic Findings: ITAT Directs Re-adjudication [Read Notification]")
Credit Entries in Saving Account Cannot be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT quashes Reassessment Proceedings initiated based on Conjectures and Surmises [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench held that credit entries in the savings account in a bank could not be treated as unexplained cash credit under Section 68 of the Income Tax Act,...
![Credit Entries in Saving Account Cannot be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT quashes Reassessment Proceedings initiated based on Conjectures and Surmises [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Credit-Entries-in-Saving-Account-Unexplained-Cash-Credit-Income-Tax-Act-ITAT-Reassessment-Proceedings-Conjectures-and-Surmises-TAXSCAN.jpg "Credit Entries in Saving Account Cannot be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT quashes Reassessment Proceedings initiated based on Conjectures and Surmises [Read Order]")
Reassessment Proceedings u/s 153 A Income Tax Act cannot be Triggered in Absence of Incriminating Material: Delhi HC [Read Order]
In a recent case, the Delhi High Court reassessment proceedings under section 153 A of the Income Tax Act, 1961 cannot be triggered in the absence of incriminating material. The appellant/revenue,...
![Reassessment Proceedings u/s 153 A Income Tax Act cannot be Triggered in Absence of Incriminating Material: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Reassessment-Proceedings-Income-Tax-Act-Absence-of-Incriminating-Material-Delhi-HC-taxscan.jpg "Reassessment Proceedings u/s 153 A Income Tax Act cannot be Triggered in Absence of Incriminating Material: Delhi HC [Read Order]")
Books of Accounts cannot be Rejected Merely based on Non-Maintenance of Stock Register in Desired Format: ITAT Deletes Addition u/s 69 of Income Tax Act [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition under Section 69 of the Income Tax Act holding that the books of account could not be rejected based on...
![Books of Accounts cannot be Rejected Merely based on Non-Maintenance of Stock Register in Desired Format: ITAT Deletes Addition u/s 69 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/BOOKSO1.jpg "Books of Accounts cannot be Rejected Merely based on Non-Maintenance of Stock Register in Desired Format: ITAT Deletes Addition u/s 69 of Income Tax Act [Read Order]")
Identity and Creditworthiness of transactions of Purchase and Sale of Shares at par value without earning any Capital Gain duly explained: ITAT deletes Addition made u/s 68 of Income Tax Act [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench held that the identity and creditworthiness of transactions of purchase and sale of shares at par value, without earning any capital gain, were...
![Identity and Creditworthiness of transactions of Purchase and Sale of Shares at par value without earning any Capital Gain duly explained: ITAT deletes Addition made u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Identity-Creditworthiness-of-transactions-Purchase-and-Sale-of-Shares-Capital-Gain-ITAT-of-Income-Tax-Act-taxscan.jpg "Identity and Creditworthiness of transactions of Purchase and Sale of Shares at par value without earning any Capital Gain duly explained: ITAT deletes Addition made u/s 68 of Income Tax Act [Read Order]")
Share Transaction can't be treated as Bogus just by the Statement of Broker to have provided Accommodation Entries: ITAT deletes Addition u/s 69C [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition under Section 69C of the Income Tax Act, 1961, and held that the share transaction cannot be treated as bogus just by...
![Share Transaction cant be treated as Bogus just by the Statement of Broker to have provided Accommodation Entries: ITAT deletes Addition u/s 69C [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Share-Transaction-Bogus-Statement-of-Broker-Accommodation-Entries-ITAT-deletes-TAXSCAN.jpg "Share Transaction cant be treated as Bogus just by the Statement of Broker to have provided Accommodation Entries: ITAT deletes Addition u/s 69C [Read Order]")
Proof that Entry in Books of Accounts was Loan extended by Dayal Trust: Delhi HC dismisses Income Tax Appeal [Read Order]
The Delhi High Court dismissed an income tax appeal on proof that the entry in books of accounts was loan extended by Dayal Trust. By the instant appeal, the appellant/revenue sought to assail the...
![Proof that Entry in Books of Accounts was Loan extended by Dayal Trust: Delhi HC dismisses Income Tax Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Proof-that-Entry-Books-of-Accounts-Loan-extended-Dayal-Trust-Delhi-High-Court-Income-Tax-Appeal-taxscan.jpg "Proof that Entry in Books of Accounts was Loan extended by Dayal Trust: Delhi HC dismisses Income Tax Appeal [Read Order]")