![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]")
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...
![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]")
![Cash Deposit in Bank by NRI: ITAT Deletes Addition u/s 68 of Income tax Act in absence of Source to use Cash [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Cash-Deposit-Bank-NRI-ITAT-Deletes-Addition-Income-tax-Act-absence-Source-use-Cash-taxscan.jpg "Cash Deposit in Bank by NRI: ITAT Deletes Addition u/s 68 of Income tax Act in absence of Source to use Cash [Read Order]")
![Addition of Share Premium and Share Capital u/s 68 of Income Tax Act cant be imposed by ignoring Evidences produced by Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Addition-Share-Premium-Share-Capital-Income-Tax-Act-imposed-ignoring-Evidences-produced-Assessee-ITAT-taxscan.jpg "Addition of Share Premium and Share Capital u/s 68 of Income Tax Act cant be imposed by ignoring Evidences produced by Assessee: ITAT [Read Order]")
![Mere Assumption that Withdrawn Amount Spent for Other Purposes Without any Adverse Positive Material cannot be the Reason for Disputing Source of Cash Deposits: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/j.jpg "Mere Assumption that Withdrawn Amount Spent for Other Purposes Without any Adverse Positive Material cannot be the Reason for Disputing Source of Cash Deposits: ITAT [Read Order]")
Non-Compliance behavior of assessee before Lower Authorities during Appellate Proceedings: ITAT directs to deposit  cost of Rs 25,000/- In PM relief Fund [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench directed to deposit cost of Rs 25,000/- in Prime Minister Relief Fund (PMRF) due to non-compliance behavior of assessee before lower authorities...
![Non-Compliance behavior of assessee before Lower Authorities during Appellate Proceedings: ITAT directs to deposit  cost of Rs 25,000/- In PM relief Fund [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Non-Compliance-behavior-Lower-Authorities-Appellate-Proceedings-ITAT-PM-relief-Fund-taxscan.jpg "Non-Compliance behavior of assessee before Lower Authorities during Appellate Proceedings: ITAT directs to deposit  cost of Rs 25,000/- In PM relief Fund [Read Order]")
No Income Tax Addition can be made if Assessee Successfully Demonstrated Source of Cash Deposits in Bank Account during Demonitization Period: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT), held that the assessee has successfully demonstrated source of cash deposit to its bank account during demonetization period thus no income...
![No Income Tax Addition can be made if Assessee Successfully Demonstrated Source of Cash Deposits in Bank Account during Demonitization Period: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Tax-Addition-Assessee-Demonstrated-Source-of-Cash-Deposits-Cash-Deposits-Demonstrated-Source-Bank-Account-Demonitization-Period-ITAT-taxscan.jpg "No Income Tax Addition can be made if Assessee Successfully Demonstrated Source of Cash Deposits in Bank Account during Demonitization Period: ITAT [Read Order]")
Addition made by AO u/s 68 Not sustainable when Assessee has proved identity, Creditworthiness, and Genuineness of Share Capital transactions: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the additions made by the Assessing Officer under Section 68 of the Income Tax Act, 1961 are not sustainable when the assessee...
![Addition made by AO u/s 68 Not sustainable when Assessee has proved identity, Creditworthiness, and Genuineness of Share Capital transactions: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Addition-ITAT-AO-Assessee-sustainable-when-Assessee-has-proved-identity-taxscan.jpg "Addition made by AO u/s 68 Not sustainable when Assessee has proved identity, Creditworthiness, and Genuineness of Share Capital transactions: ITAT [Read Order]")
Income Tax Addition u/s 68 of Income Tax Act without giving Opportunity to Assessee for Cross Examination of Third Person: ITAT orders Fresh Adjudication [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the inaction and omission on the part of Assessing Officer (AO) as well as Commissioner of Income Tax (Appeals) [CIT(A)] not...
![Income Tax Addition u/s 68 of Income Tax Act without giving Opportunity to Assessee for Cross Examination of Third Person: ITAT orders Fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Tax-Income-Tax-Act-Opportunity-Assessee-Cross-Examination-Third-Person-ITAT-Fresh-Adjudication-TAXSCAN.jpg "Income Tax Addition u/s 68 of Income Tax Act without giving Opportunity to Assessee for Cross Examination of Third Person: ITAT orders Fresh Adjudication [Read Order]")
AO not justified in comparing market value of land for distress sale, which is less than that of the stamp duty value: ITAT deletes Addition [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) observed there is no rebuttal to the contention of the assessee that the market value of the land was less than the stamp duty value,...
![AO not justified in comparing market value of land for distress sale, which is less than that of the stamp duty value: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/AO-market-value-land-distress-sale-stamp-duty-value-ITAT-Addition-TAXSCAN.jpg "AO not justified in comparing market value of land for distress sale, which is less than that of the stamp duty value: ITAT deletes Addition [Read Order]")
Non - Invocation of Section 115 BBE of Income Tax Act on the addition made on account of unexplained sundry creditors is an error in assessment order: ITAT upholds Revision order [Read Order]
The Rajkot bench of Income Tax Appellate Tribunal (ITAT) upheld the revision order of the Principal Commissioner of Income Tax (PCIT), holding the non-invocation of Section 115BBE of the Income Tax...
![Non - Invocation of Section 115 BBE of Income Tax Act on the addition made on account of unexplained sundry creditors is an error in assessment order: ITAT upholds Revision order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Non-Invocation-of-Section-115-BBE-of-Income-Tax-Act-on-the-addition-made-on-account-of-unexplained-sundry-creditors-is-an-error-in-assessment-order-ITAT-upholds-Revision-order-TAXSCAN.jpg "Non - Invocation of Section 115 BBE of Income Tax Act on the addition made on account of unexplained sundry creditors is an error in assessment order: ITAT upholds Revision order [Read Order]")
ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products Deposited in Bank During Demonetisation Period [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai Bench directed to estimate 25% profit towards income from sale of milk products deposited in banks during the demonetisation period. Kannan...
![ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products Deposited in Bank During Demonetisation Period [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-directs-to-Estimate-25-Profit-Towards-Income-from-Sale-of-Milk-Products-ITAT-Profit-Sale-of-Milk-Products-Demonetisation-Period-Taxscan.jpg "ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products Deposited in Bank During Demonetisation Period [Read Order]")