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unexplained investment

Income Surrendered during Survey Treated as Business Income, Not Unexplained Investment: ITAT Deletes Higher Tax u/s 115BBE [Read Order]

Avinash Kurungot

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted higher tax imposed on an assessee, affirming that income voluntarily...

ITAT Reduces Addition on Unexplained Investment to ₹1.32 Lakh, Grants ₹6.5 Lakh Relief Considering...

CIT(A) cannot Reject Additional evidence u/r 46 A of Income Tax Rules against unexplained Investment...

Taxpayer's Statement Validates Dumb Document Found During Search: ITAT Upholds Unexplained...

ITAT Enforces CBDT Threshold: Revenue's Rs. 12.82 Lakh Appeal Dismissed under Rs. 60 Lakh Limit...

Unexplained Investment in Property: ITAT Deletes Rs. 13.73 Lakh Addition After Verifying Source from Fixed Deposits [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT)deleted the Rs. 13.73 lakh addition for unexplained investment in a property purchase after verifying the source from fixed deposits. Uday...

Unexplained Investment Addition Over Co-Owner's Creditworthiness: ITAT Deletes It After Reassessment [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) deleted the unexplained investment addition of ₹33,92,975 after reassessment, holding that the co-owner's creditworthiness was accepted in her...

Unexplained Investment in Property: ITAT Upholds Sources Proven by Assessee from Family Members [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) upholds sources proven by the assessee for an unexplained investment in property, finding that the ₹40,00,000 used for the property purchase...

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...

AO Fails to Properly Divide Stamp Duty Valuation Difference and Unexplained Investment: ITAT Upholds PCIT’s Invocation [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) upheld the Principal Commissioner of Income Tax (PCIT)’s invocation of Section 263 of the Income Tax Act, 1961, after finding that the...

Unexplained Investment in Shares not part of Reopening Reasons recorded by AO: ITAT deletes Additions towards Accommodation Entry [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad, recently delivered a judgment favoring Amey Pravinbhai Brahmbhatt in a case concerning unexplained investments not forming part of the reasons...

Ex-parte Dismissal and Addition of Rs.1.55 Crore as Unexplained Investment: ITAT Remands Case to AO [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) remanded the case back to the Assessing Officer (AO) for a fresh review after addressing the ex-parte dismissal and the addition of Rs. 1.55...