![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]")
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...
![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]](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]](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 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]")
![Relief to Cleartrip: Proviso to S.68 not applicable to Non-resident Investors, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Relief-Cleartrip-Proviso-Non-resident-Investors-rules-ITAT-taxscan.jpg "Relief to Cleartrip: Proviso to S.68 not applicable to Non-resident Investors, rules ITAT [Read Order]")
Additions u/s 68 of Income Tax Act based on Surmises and Conjectures: ITAT directs Re-adjudication for verifying Repayment of Loans [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, held that no addition should be made under Section 68 of the Income Tax Act, 1961, based on surmises and conjectures. Therefore, the bench...
![Additions u/s 68 of Income Tax Act based on Surmises and Conjectures: ITAT directs Re-adjudication for verifying Repayment of Loans [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Additions-Income-Tax-Act-Surmises-and-Conjectures-ITAT-directs-Re-adjudication-verifying-Repayment-of-Loans-taxscan.jpg "Additions u/s 68 of Income Tax Act based on Surmises and Conjectures: ITAT directs Re-adjudication for verifying Repayment of Loans [Read Order]")
Addition u/s 68 unjustified for the credit worthiness of a person having sufficient funds to lend money to others cannot be doubted: ITAT upholds order of CIT(A) [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the onus which lays upon the assessee to explain that the entries made are real and not fictitious, has been duly discharged. ...
![Addition u/s 68 unjustified for the credit worthiness of a person having sufficient funds to lend money to others cannot be doubted: ITAT upholds order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Addition-unjustified-for-the-credit-worthiness-of-a-person-having-sufficient-funds-to-lend-money-doubted-ITAT-upholds-order-of-CITA-TAXSCAN.jpg "Addition u/s 68 unjustified for the credit worthiness of a person having sufficient funds to lend money to others cannot be doubted: ITAT upholds order of CIT(A) [Read Order]")
No Concealment of Particulars or Furnishment of Inaccurate Particulars of Income : ITAT Deletes Penalty u/s 271 of Income Tax Act [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that the assessee has neither concealed the particulars of income nor has furnished inaccurate particulars of income so as to levy of...
![No Concealment of Particulars or Furnishment of Inaccurate Particulars of Income : ITAT Deletes Penalty u/s 271 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/No-Concealment-Particulars-or-Furnishment-Inaccurate-Particulars-Income-ITAT-Deletes-Penalty-Income-Tax-Act-TAXSCAN.jpg "No Concealment of Particulars or Furnishment of Inaccurate Particulars of Income : ITAT Deletes Penalty u/s 271 of Income Tax Act [Read Order]")
Income Towards Discount and Incentives to be Assessed under Head Income from Business and Profession if Books of Account is Linked to Business: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the nature and source of credit found in the books of accounts of the assessee is linked to business, then any income generated out...
![Income Towards Discount and Incentives to be Assessed under Head Income from Business and Profession if Books of Account is Linked to Business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Towards-Discount-and-Incentives-Assessed-under-Head-Income-from-Business-and-Profession-if-Books-of-Account-is-Linked-to-Business-ITAT-TAXSCAN.jpg "Income Towards Discount and Incentives to be Assessed under Head Income from Business and Profession if Books of Account is Linked to Business: ITAT [Read Order]")
No 'abnormal jump' in cash sales during Demonitization Period: ITAT Deletes Income Tax Addition u/s 68 of Income Tax Act [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that there is no abnormal jump in cash sales during demonetization period and all these facts clearly proved the genuineness claim made by...
![No abnormal jump in cash sales during Demonitization Period: ITAT Deletes Income Tax Addition u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-abnorma-l-jump-cash-sales-Demonitization-Period-ITAT-Income-Tax-Income-Tax-Act-TAXSCAN.jpg "No abnormal jump in cash sales during Demonitization Period: ITAT Deletes Income Tax Addition u/s 68 of Income Tax Act [Read Order]")