Judgement

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.

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

ITAT remanded the matter to the AO for fresh verification, citing possible duplication in additions made on bank credits and alleged accommodation entries.

Entire credit entries appearing in bank without considering debit entries cannot be taxed as Cash Credits: ITAT

ITAT ruled that unsupported claims and lack of evidence for Rs 80 lakh cash deposits during demonetisation justify treating them as unexplained income and upheld the tax addition.

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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

Entire credit entries appearing in bank without considering debit entries cannot be taxed as Cash Credits: ITAT

No Evidence, No Relief: ITAT Upholds Rs 80 Lakh Addition in Unexplained Cash Credits Case