Read all Latest Updates on and about Section 69A of the Income Tax Act

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Cash Deposits Duly Recorded in Books Cannot Be Taxed as Unexplained Money Without Rejecting Accounts: ITAT [Read Order]

Eeva Mary Sanil

The Patna Bench of the Income Tax Appellate Tribunal ( ITAT ) held that cash deposits made during the demonetization period cannot be treated as...

ITAT Quashes ₹84 Lakh Addition Made u/s 69A, accepts Assessee’s Explanation on Cheque Discounting...

Additions u/s 69A Set Aside: ITAT Directs Fresh Assessment Allowing Taxpayer to File Additional...

ITAT Allows Appeal in Demonetization-Era Case, Finds CIT(A) Order Deficient in Reasoning [Read...

Cash Deposits Were Duly Recorded in NBFC’s Books: ITAT Deletes Rs. 14.84 Lakh Addition [Read Order]

AO Relied on Bank Account Not Admitted by Taxpayer: ITAT Quashes Rs. 4 Crore Addition [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) quashed an addition of over Rs. 4 crore after observing that the Assessing Officer (AO) had relied on a bank account which was not...

ITAT Admits Additional Evidence, Remands Rs. 17 Lakh Unsecured Loan Case to AO for Fresh Assessment [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT), set aside an appeal order and remanded the case back to the Assessing Officer (AO) for fresh assessment, admitting additional...

Unexplained Cash Deposits: ITAT Reduces ₹72 Lakh Addition to ₹2 Lakh on Verifying Home Loan Credits and ITRs [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) reduced the addition made under Section 69A of the Income Tax Act, 1961, from Rs. 72,81,674 to Rs. 2,00,000 by considering the assessee's...

Cash Deposit during Demonetization: ITAT partly deletes Rs. 3.5 lakh Addition based on CBDT Guidelines [Read Order]

The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) has partly deleted an addition of Rs. 11,00,000 made on account of cash deposits during the demonetization period, holding that Rs. 3.5...

Loose Papers, Scribbled Notes, and Unregistered Agreements cannot be sole basis for Taxing Income: ITAT [Read Order]

The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) ruled that additions to income based solely on loose sheets, handwritten notations, or unregistered agreements are not sustainable under...

ITAT Sets Aside Rs.22.39 Lakh Addition, Validates Senior Citizen's Demonetization Deposits [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench ruled in favor of the assessee and set aside the addition of Rs.22.39 lakh made under Section 69A of the Income Tax Act, 1961. The tribunal...

CIT(A) Fails to Decide Co-operative Society’s Demonetization Cash Deposit Matter on Merits: ITAT Remands Matter [Read Order]

The Cochin Bench of Income Tax Appellate Tribunal (ITAT) remanded the Cash deposit during the demonetization matter back to the Commissioner of Income Tax (Appeals) [CIT(A)] citing to decide the case...

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