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 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.

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

ITAT upheld the Rs. 2.07 crore addition, holding that fully repaid loans routed through banking channels with proper documentation cannot be treated as unexplained cash credits.

Genuine Loan Transactions Cannot Be Treated as Bogus: ITAT Deletes Rs. 2.07 Crore Addition 

Tribunal deletes addition for routine family expenses; capital account credit issue sent back for fresh verification.

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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

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

Genuine Loan Transactions Cannot Be Treated as Bogus: ITAT Deletes Rs. 2.07 Crore Addition

ITAT: Household Funds Received From Husband Not Taxable as unexplained cash credits