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₹7 Crore Share Sale Treated as Unexplained Cash Credit u/s 68: Karnataka HC Upholds ITAT Decision, Finds Transactions Genuine [Read Order]

Sneha Sukumaran Mullakkal

The High Court of Karnataka, dismissed the Revenue’s appeal and upheld the Income Tax Appellate Tribunal (ITAT) decision, holding that the ₹7 crore...

Documentary Evidence Clears Loan Trail: ITAT Quashes ₹1.63 Crore Addition u/s. 68, Appeal Allowed...

ITAT Deletes Unexplained Cash Credit Addition of ₹2.85 Lakh u/s 68 Due to Lack of AO Verification of...

₹1.5 Crore Treated as Unexplained Cash Credit u/s 68: ITAT Upholds CIT(A)’s Deletion of Addition...

ITAT Upholds Deletion of ₹11.73 Cr Unexplained Cash Credit Addition Citing AO's Reliance on...

Unexplained Cash Credits Taxable Despite Rejected Books: ITAT Upholds ₹6.58 Crore Addition [Read Order]

The Tribunal upheld the addition of Rs. 6.58 crore as unexplained cash credits under Section 68 and ruled that such additions are permissible even when the assessee’s books of accounts are rejected....

Additions Without Concrete Evidence and Show Cause Notice Violates Natural Justice: ITAT deletes all Additions, Dismisses Revenue’s Appeal [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the deletion of multiple additions made purely on estimates and without issuing a proper show cause notice, holding that such...

ITAT Rejects ₹1.17 Crore Addition as Unexplained Cash Credit on LTCG from Shares due to Lack of Evidence [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) rejected the addition of Rs. 1,17,78,534/- as unexplained cash credit on Long-Term Capital Gain (LTCG) from shares due to lack of evidence....

ITAT Rules that the Addition of Unexplained Cash Credit u/s.68 is Invalid After Rejecting the Books of Accounts [Read Order]

The Indore bench of the Income Tax Appellate Tribunal (ITAT) ruled that the taxation of unexplained cash credit is invalid after rejecting the books of accounts following a sharp rise in cash...

Bombay HC directs ICAI to Investigate CAs without COP Engaged in Illegal Activities for Professional Misconduct [Read Order]

In a recent judgment, the Bombay High Court directed the Institute of Chartered Accountants of India (ICAI) to investigate Chartered Accountants (CAs) operating without a Certificate of Practice...

AO adds Building Depreciation Amount and Loan Amount: ITAT restores matter to Consider Additional Evidence [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has restored the issue of disallowance of depreciation on building amount and addition of loan amount for fresh consideration of additional...

ITAT Deletes Additions on Client Code Modifications in Commodity Trading Citing Genuine Transaction Verification [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the additions made by the Assessing Officer (AO) concerning client code modifications ( CCM ) in commodity trading. Modern...