ITAT Ahmedabad held that a genuine ₹50 lakh loan received and fully repaid with interest cannot be treated as unexplained credit under Section 68. The addition by AO and CIT(A) was deleted as the assessee provided full banking and repayment evidence.
ITAT Ahmedabad dismissed the Revenue’s appeal, confirming CIT(A)’s deletion of ₹1.06 crore addition under Section 41(1). The tribunal held that the unsecured loans were used for capital expenditure, not trading purposes, making the addition inapplicable.
ITAT Ahmedabad held that addition on account of section 14A of the Income Tax Act while computing books profit under section 115JB of the Income Tax Act is not justifiable. Accordingly, addition u/s. 14A deleted and appeal of assessee allowed.
ITAT Ahmedabad allowed the assessee a fresh opportunity to explain the source of investment in property under Section 69A. The tribunal noted that being an NRI, the assessee could not access required documents in time, warranting reconsideration by the AO.
ITAT Ahmedabad remitted the case back to the AO after CIT(A) upheld an addition of ₹2.47 crore as unexplained share capital. The assessee had provided detailed bank records, personal books, and PAN/ITR proofs which were ignored, violating principles of natural justice.
The ITAT Ahmedabad remanded the case of Harshang Kaushikkumar Rami vs ITO to the Assessing Officer for fresh verification of Rs. 5 crore cash deposits treated as unexplained income.
ITAT Ahmedabad remanded the case of a charitable trust whose exemption claim was rejected owing to mismatched registration details, directing a fresh decision after hearing the assessee.
AO had added ₹11,38,000/- towards the amount paid to a builder — ₹8,00,000/- by cheque & ₹3,38,000/- in cash — treating it as unexplained. CIT(A)/NFAC upheld the addition on the ground that Assessee failed to substantiate the source of payment.
Tribunal remanded matter for a de novo assessment after noting that Assessing Officer passed an ex parte order without examining ownership and consideration details in a capital gains case.
ITAT Ahmedabad held that an addition under Section 69 based only on an untested third-party statement, without cross-examination, violates natural justice. The ₹60 lakh on-money allegation was deleted.
