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Unexplained Income

Demonetisation Period Cash Deposits From Recorded Sales Cannot Be Treated as Unexplained Income: ITAT [Read Order]

The Income Tax AppellateTribunal (ITAT) Mumbai Bench has held that the cash deposits made during the demonetisation period cannot be held to be...

Balance Sheet Sufficient for Income Tax Assessment for S.69, No Supporting Evidence for S.80...

LTCG From Share Sale cannot Be Treated as Unexplained Income u/s 68: ITAT [Read Order]

STT-Paid STCL Set-Off allowed against 30% STCG Despite 15% Rate: ITAT Quashes Denial [Read Order]

Sale Advance Refunded Taxed as Unexplained Income: Madras HC stays Recovery for 90 Days, allows time...

ITAT Upholds ₹5.48 Lakh Brokerage Addition, Finds Seized Records Reflected Mock Trading, Not Unexplained Income [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals)[CIT(A)]’s decision restricting the addition to ₹5.48 lakh as brokerage income, holding ...

Speculation Income Addition and Unexplained Income Addition of ₹68.45 Lakh: ITAT Remits Matter for Fresh Adjudication on Taxpayer's Affidavit [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has remitted the assessment to the file of the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh consideration for the case...

SBN Deposits Not Unexplained Income: ITAT Deletes ₹ 17.16 Lakh Addition u/s 69A, Holds Demonetization Deposits Valid Until 31.12.2016 [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has held that deposits of Specified Bank Notes (SBNs) made during the demonetisation period cannot be treated as unexplained income...

Housewife Taxpayer Not Complied to Notices for Stock Transaction: ITAT Remits ₹11.16 Lakh Unexplained Income Matter with 10k Costs [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) remitted to the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh adjudication, imposing a cost of ₹10,000 for non-compliance with...

₹5 Crore Income Tax Demand Dropped! CA Praises Faceless Appeal for Hassle & Corruption Free Process

A proposed tax addition of Rs. 5 crores was dropped during the faceless appeal process by the Income Tax Department. The case involved an alleged unexplained unsecured loan under Section 68 of the...

Mere Non-Appearance of Directors Cannot Justify Additions When Documentary Compliance is Complete: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that mere non-appearance of directors does not justify additions under Section 68 of the Income Tax Act, 1961, when the assessee has...

ITAT estimates Cheque Discounter’s Taxable Income at 10% of Cash and Other Credit due to Possible Revenue Leakage [Read Order]

In a notable ruling, the Surat Bench of the Income Tax Appellate Tribunal (ITAT) proceeded to estimate the taxable income of a cheque discounter at 10% of the cash and other credit amount disputed by...