![ITAT deletes Addition of Rs.24.35 Cr on account of Unexplained Cash Credit [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/ITAT-Unexplained-Cash-Credit-Taxscan.jpg "ITAT deletes Addition of Rs.24.35 Cr on account of Unexplained Cash Credit [Read Order]")
ITAT deletes Addition of Rs.24.35 Cr on account of Unexplained Cash Credit [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench deleted the addition of Rs.24.35 Crore on account of Unexplained Cash Credit. The assessee,...
![Mere low declaration of Income by Creditors is no ground to make the addition in respect of Unexplained Cash Credit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/Mere-low-declaration-Income-by-creditors-Unexplained-cash-credit-ITAT-Taxscan.jpg "Mere low declaration of Income by Creditors is no ground to make the addition in respect of Unexplained Cash Credit: ITAT [Read Order]")
![Assessment based on Information from the Investigation Wing of Income Tax is Valid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Assessment.jpg "Assessment based on Information from the Investigation Wing of Income Tax is Valid: ITAT [Read Order]")
![Reassessment u/s 147 void where No New Material came into Record: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/03/Reassessment-Taxscan.jpg "Reassessment u/s 147 void where No New Material came into Record: ITAT [Read Order]")
ITAT confirms Addition Since Gift received from NRI Relative through Debtor couldn’t be Proved [Read Order]
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has confirmed an addition in respect of unexplained cash credits since the assessee failed to prove the genuineness of the gift received...
![ITAT confirms Addition Since Gift received from NRI Relative through Debtor couldn’t be Proved [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/02/Gift-Tax-Taxscan-1.jpg "ITAT confirms Addition Since Gift received from NRI Relative through Debtor couldn’t be Proved [Read Order]")
Provisions of Unexplained Cash Credit does not attract If no Cash involved in Transaction of Allotment of Shares: Madras HC [Read Judgment]
A two-judge bench of the Madras High Court comprising the Chief Justice Indira Banerjee recently held that the provisions of section 68 of the Income Tax Act providing addition on account of...
![Provisions of Unexplained Cash Credit does not attract If no Cash involved in Transaction of Allotment of Shares: Madras HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/09/Unexplained-Cash-Credit-Madras-High-Court-Taxscan.jpg "Provisions of Unexplained Cash Credit does not attract If no Cash involved in Transaction of Allotment of Shares: Madras HC [Read Judgment]")
Firm cannot be Assessed for Unexplained Cash Credit in respect of Capital introduced by Partner: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Cuttack bench has held that a Firm cannot be assessed for the unexplained cash credit under Section 68 of the Income Tax Act, 1961 in respect of the capital...
![Firm cannot be Assessed for Unexplained Cash Credit in respect of Capital introduced by Partner: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/01/Unexplained-Cash-Credit.jpg "Firm cannot be Assessed for Unexplained Cash Credit in respect of Capital introduced by Partner: ITAT [Read Order]")
![Sale Consideration once Taxed u/s 45 can’t again assessable as Unexplained: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/06/Sale-Consideration-Taxscan.jpg "Sale Consideration once Taxed u/s 45 can’t again assessable as Unexplained: ITAT [Read Order]")
![No Addition if Assessee able to Prove Genuineness of Transaction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/03/ITAT-Taxscan-1.jpg "No Addition if Assessee able to Prove Genuineness of Transaction: ITAT [Read Order]")
CBDT lays down Standard Procedure for invoking provisions relating to Unexplained Cash Credit [Read Circular]
The Central Board of Direct Taxes (CBDT) recently prescribed the standard procedure to be followed by the Assessing Officer for applying the provisions of Section 68 of the Income Tax Act, 1961 which...
ITAT Confirms Addition in respect of Unexplained Cash Credit since Assessee paid ‘On Money’ for Purchase of Property [Read Order]
The ITAT bench comprising acting judicial member Ravish Sood and vice president P.K. Bansal recently recently held that additions in respect of unexplained cash credit under Section 68 of the Income...