Judgement

ITAT deleted the Rs 1.24 lakh penalty imposed under Section 271(1)(c) after the underlying Rs 4 lakh Section 68 addition was deleted in the quantum appeal.

ITAT Deletes Rs 1.24 Lakh Penalty After Finding Rs 4 Lakh Section 68 Unexplained Cash Credits Addition No Longer Survives

The ITAT Delhi holds unsecured loans and share capital received from existing directors cannot be treated as Unexplained Cash Credits.

 ITAT Deletes Section 68 Addition on Loans and Share Capital from Directors

ITAT remands the Rs 18.31 lakh unexplained cash deposit case to the AO for fresh verification after admitting the assessee’s bank statement as additional evidence.

ITAT Allows Bank Statement as Additional Evidence in Rs 18.31 Lakh Unexplained Cash Credits Case

The ITAT deleted the Rs 3.98 crore Section 68 addition, holding that old customer advances carried forward from earlier years cannot be treated as unexplained cash credits.

ITAT Deletes Rs. 3.98 Crore Addition, Says Old Balances Cannot Be Treated as Unexplained Credits

The Income Tax Appellate Tribunal (ITAT) has held SBNs received during demonetisation cannot be treated as unexplained cash credits merely because such notes ceased to be legal tender.

ITAT Holds Demonetisation Deposits Are Not Unexplained Cash Only Because SBNs Ceased to be Legal Tender

ITAT restored the Rs 1.97 crore addition, ruling that the CIT(A) wrongly deleted it despite the assessee’s failure to satisfactorily explain the source of cash credits.

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ITAT Deletes Rs 1.24 Lakh Penalty After Finding Rs 4 Lakh Section 68 Unexplained Cash Credits Addition No Longer Survives

ITAT Deletes Section 68 Addition on Loans and Share Capital from Directors

ITAT Allows Bank Statement as Additional Evidence in Rs 18.31 Lakh Unexplained Cash Credits Case

ITAT Deletes Rs. 3.98 Crore Addition, Says Old Balances Cannot Be Treated as Unexplained Credits

ITAT Holds Demonetisation Deposits Are Not Unexplained Cash Only Because SBNs Ceased to be Legal Tender

ITAT restores Income Tax addition on cash introduced in capital which was bogus