Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling...
Income Tax : ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Sec...
Income Tax : This covers how unexplained credits and investments are taxed under Sections 68 to 69D. The key takeaway is that additions require...
Income Tax : The ITAT Amritsar held that a valuation report by itself cannot justify addition under Section 69 without evidence of extra paymen...
Income Tax : The ITAT held that stamp duty valuation could not be blindly adopted where the property was affected by BBMP demolition proceeding...
Income Tax : The Tribunal held that agricultural land situated beyond notified municipal limits is not a capital asset under the Income Tax Act...
Income Tax : ITAT Ahmedabad held that no unexplained investment addition could survive where the booked property deal was cancelled and funds w...
Income Tax : ITAT Delhi held that penalty under Section 271AAC cannot survive once the underlying Section 153C assessment is quashed. The Tribu...
ITAT Delhi reduced a Rs.11.47 lakh demonetization cash addition to Rs.47,000/− for a senior citizen. Cites Madras HC ruling limiting S. 115BBE rate to transactions after 01.04.2017.
Delhi ITAT deleted a ₹30.65 lakh cash deposit addition made under Section 69A during demonetization. The source was proven to be a gift from the deceased grandmother’s savings of previously taxed rental income, preventing double taxation.
ITAT Ahmedabad set aside the ex parte dismissal of Kansara Popatlal Tibhovandas Metal Pvt Ltd’s appeal, ruling the CIT(A) violated natural justice by passing an order before the due date for submissions.
ITAT Hyderabad held that reasoning given by CIT(A) for deletion of addition made u/s. 69A of the Income Tax Act by Assessing Officer towards cash payment is contrary to material on record and cannot be accepted.
Gujarat High Court held that addition under section 68 of the Income Tax Act towards bogus Long Term Capital Gains [LTCG] from sale of penny stock cannot be sustained since genuineness of the stock proved with evidence. Accordingly, appeal of revenue dismissed.
ITAT Visakhapatnam upholds additions for demonetisation deposits but rules tax under section 115BBE for AY 2017-18 should apply at 30% instead of 60%.
ITAT Hyderabad held that alleged discrepancy i.e, the suppression of the purchases/sales/closing stock based on distorted figures by AO resulting to an exorbitant addition is unsustainable in law. Accordingly, appeal of assessee allowed.
The ITAT Indore has remanded a tax case to the CIT(A), ruling that the short notice period given to the assessee violated natural justice and warrants a new hearing on the merits.
Income surrendered during survey and accounted as business income should not attract section 115BBE rates, clarifying application of sections 69, 69A, and 69B.
ITAT Ahmedabad confirmed that the unsecured loan of ₹80.94 lakh given by Mahadev Shipbreakers to KCPL was genuine, routed through banking channels, and repaid with interest and TDS. The Tribunal dismissed Revenue’s appeal, noting AO’s allegations were generalized and unsubstantiated.
