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 Mumbai overturns dismissal of appeals for Rajesh Babulal Shah, citing Supreme Court’s ‘Katiji’ ruling on condonation of delay and remanding cases.
ITAT Jaipur upholds CIT(A)’s order deleting ₹80 lakh addition under Section 68; holds share sale genuine and not accommodation entry.
ITAT Kolkata confirms ₹31.15 lakh loan repayment is not unexplained cash credit, upholding deletion of addition for New Charan Kanwal Finance.
ITAT Nagpur remands Kiran Anil Gothi Vs ITO cash credit case back to CIT(A) for fresh adjudication after assessee failed to provide documentation at initial stages.
AO taxed the said surrendered amount under the provisions of section 115BBE of the Income Tax Act. CIT(A) allowed the appeal of the assessee. Being aggrieved, revenue has preferred the present appeal.
ITAT Indore has remanded a case to the CIT(A) for de novo adjudication after finding the appellate authority ignored the assessee’s reply and tax computation, violating natural justice.
ITAT Ahmedabad held that once the books of accounts stood rejected under section 145(3) of the Income Tax Act and profits estimated, there cannot be addition on account of unexplained cash credit u/s. 68. Accordingly, appeal allowed.
Delhi ITAT reduces addition for demonetization cash deposits, acknowledging family savings. It also clarifies Section 115BBE applicability post-April 1, 2017.
Chandigarh ITAT remands DTC Trading Co. tax appeal for fresh hearing, citing advocate’s depression and memory loss as sufficient cause for ex-parte order.
ITAT Delhi ruled that Section 115BBE’s higher tax rate applies only to transactions from April 1, 2017, aligning with a Madras High Court precedent.
