![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]")
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...
![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]](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]](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]](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]")
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]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that an addition under Section 68 of the Income Tax Act, 1961 cannot be made in the absence of the source to use the cash...
![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 can't be imposed by ignoring Evidences produced by Assessee: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the addition of share premium and share capital cannot be imposed by ignoring the evidence produced by the assessee. The...
![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]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that The Assessing Officer (AO) has ignored main cash book while disputing the source of cash and making addition and the Commissioner of...
![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]")