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...
The ITAT Nagpur has ruled that income surrendered during a survey from an excess stock of jewelry is business income, not an unexplained investment.
Relying on Malabar Industrial, Max India, and Gabriel India precedents, ITAT ruled that when two views are possible, PCIT cannot assume jurisdiction. Original assessment for AY 2020-21 was restored.
The Income Tax Appellate Tribunal (ITAT) Pune dismissed an appeal by the Income Tax Department, affirming that a cooperative credit society was not liable for unexplained cash credits under Section 68.
The Income Tax Appellate Tribunal (ITAT), Pune, dismissed the Income Tax Officer’s appeal against Ambika Gramin Bigarsheti Sahakari Patsanstha, affirming that cash deposits received during the demonetization period were not unexplained cash credits.
The Income Tax Appellate Tribunal (ITAT) Lucknow has quashed an income tax assessment against Suraiya Begum, who had deposited Rs.13.08 lakh in her bank account during demonetization.
The ITAT Visakhapatnam has partly allowed the appeal of Vallabhai Patel Kottapalli, an agriculturist, by restricting the tax rate on an unexplained cash deposit to 30% in-stead of 60%.
Tribunal remanded case to AO, allowing assessee to substantiate capital introduced from sale of agricultural lands with proper documents like patta, chitta, and adangal.
The ITAT in Kolkata set aside a ₹9.32 crore tax addition on share sales by Superdeal Resources, ruling that well-documented transactions are not bogus. The order underscores the need for substantive evidence over suspicion.
A recent ITAT Patna decision underscores that genuine tax claims aren’t defeated by incorrect section citations. Taxpayers can seek rightful exemptions if conditions are met, even with minor errors.
The Income Tax Appellate Tribunal (ITAT) Delhi heard the case of Ashish Anand vs. ITO, concerning an unexplained cash deposit during demonetization.
