Judgement

The ITAT Ahmedabad holds cash returned by Housewife to Father-in-Law cannot be treated as Unexplained Expenditure.



ITAT Allows Telescoping Benefit on Family Cash Transactions 

ITAT deletes Rs 40.31 Lakh Section 69A addition, holding that mere SBN deposits during demonetisation cannot justify addition when cash transactions are recorded in audited books.

ITAT Deletes Rs 40.31 Lakh SBN Addition, Says Demonetisation Deposits Alone Cannot Prove Unexplained Cash

The ITAT upheld the deletion of an addition of Rs 2.60 crore, holding that the nature of the business itself cannot be a basis to conclude that outstanding creditor balances are non-genuine.

ITAT Deletes Rs 2.60 Crore Addition, Holds Genuine Business Liabilities Can't Be Disallowed Merely Due to Cash Transactions

The ITAT has held that an addition towards alleged on-money payment for purchase of a flat cannot be sustained where the Revenue fails to establish actual cash payment through independent evidence.

ITAT Deletes Rs 24.70 Lakh Addition for Alleged On-Money Payment as AO Failed to Prove Cash Transaction

Income Tax Appellate Tribunal (ITAT), Mumbai, has held that an addition towards alleged on-money payment for purchase of a flat cannot be sustained where the Revenue fails to establish actual cash payment through independent evidence.

The ITAT Pune ruled that alleged unaccounted cash transactions recorded in seized cash books of the Viraj Group cannot be taxed separately in the hands of individual directors and entities.

ITAT Grants Major Relief to Viraj Group, Rules Seized Cash Transactions Cannot Be Taxed Separately

The ITAT granted full relief to Sunetra Ajit Pawar by quashing the Rs 32.14 crore addition, holding that vague diary entries and weak digital evidence were insufficient to establish unexplained income.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

ITAT Allows Telescoping Benefit on Family Cash Transactions

ITAT Deletes Rs 40.31 Lakh SBN Addition, Says Demonetisation Deposits Alone Cannot Prove Unexplained Cash

ITAT Deletes Rs 2.60 Crore Addition, Holds Genuine Business Liabilities Can't Be Disallowed Merely Due to Cash Transactions

ITAT Deletes Rs 24.70 Lakh Addition for Alleged On-Money Payment as AO Failed to Prove Cash Transaction

ITAT Grants Major Relief to Viraj Group, Rules Seized Cash Transactions Cannot Be Taxed Separately

ITAT Mumbai Grants Full Relief to Sunetra Pawar in Rs 32.14 Crore Alleged Cash Transactions Case