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unexplained investment

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...

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

Addition of ₹51.76 Lakh as Unexplained Investment: ITAT Remands Case to CIT(A) [Read Order]

Rs.29.32 Lakh Unexplained Investment: ITAT Remands Matter Back to CIT(A) Due to Inadequate Reasoning...

ITAT remands Case for Verification of Unexplained Investment and Loss Set-Off due to Insufficient...

Revenue Counsel admits Genuinity of Unexplained Investment Later: Madras HC refuses Remand Request as Transaction Proven Genuine

The Madras High Court, in its recent ruling, refused to remand the matter as the transaction of the unexplained investment proved genuine. The income tax department’s counsel admitted the genuinity...

ITAT Remands Unexplained Investment Matter Due to Non-Appearance Linked to Income Tax Notices issued During COVID Period [Read Order]

The Surat Bench of Income Tax Appellate Tribunal (ITAT) remanded unexplained investment under Section 69A of the Income Tax Act, 1961 matter due to notices issued during COVID period which led to the...

Additions on Land Purchase: ITAT grants Stay from Recovery of Rs. 45 Lakhs for Pendency of Income Tax Appeal [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Ahmedabad Bench, comprising Accountant Member Annapurna Gupta and Judicial Member Siddhartha Nautiyal, has granted a stay on the recovery of ₹45 lakhs from...

Lack of Evidence in proving Unexplained Investment u/s 69 of IT Act: ITAT deletes Addition [Read Order]

The Raipur bench of Income Tax Appellate Tribunal (ITAT) directed for the deletion of the additional amount charged by the Assessing Officer (AO). An addition of Rs.2.10 crore was made by the AO, but...

Excess Gold Jewellery Stock found during Survey Proceedings as Stock transferred from Proprietary Concern to Partnership Firm, not unexplained Investment u/s 69B of Income Tax Act: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai bench held that excess gold jewellery stock found during the survey proceedings as stock transferred from proprietary concern to partnership firm,...

Income Tax Addition on Account of Unexplained Investment u/s 69B of Income Tax Act due to Failure of Assessee to Compile Data and Information Due Covid-19 Pandemic: ITAT Restores matter to AO

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that due to unprecendent situation of Covid-19 the assessee could not explain the facts of his case, hence there is absence of relevant...

Purchases reflected in Book of Accounts cannot be treated as Unexplained Investment: ITAT sets aside Order of CIT(A) [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the purchases reflected in the books of accounts cannot be treated as unexplained investments. The assessee is an individual...

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