Judgement

The Income Tax Appellate Tribunal (ITAT) Mumbai has held that cash deposits made during the demonetisation period cannot be treated as unexplained money merely on the basis of suspicion.

ITAT Deletes Addition on Demonetisation Cash Deposits Supported by Opening Cash Balance and Business Records

The ITAT deletes the Rs 10.03 crore unexplained money addition, holding that Section 69A can only be applied when money or valuable items are not recorded in the assessee’s books of account.

Section 69A Cannot Be Applied When Money or Valuable Items Are Properly Recorded in Books of Account, Says ITAT

The Income Tax Appellate Tribunal (ITAT) Delhi has deleted the addition made towards long-term capital gains and allowed the assessee's claim of long-term capital loss amounting to Rs 2.94 crore.

ITAT Deletes Addition And Allows Rs 2.94 Crore Long Term Capital Loss Claim on Sale of Jointly Owned Property

ITAT upholds charitable status, allows depreciation and grants capital gains exemption to trust.

ITAT Allows Sections 11 & 12 Exemption to Educational Trust; Deletes Capital Gains Addition and Depreciation Disallowance

ITAT upheld a Rs 6.58 crore addition under Section 68 after finding that the assessee failed to establish the lenders’ creditworthiness and the genuineness of the loan transactions.

ITAT Upholds Rs 6.58 Crore Addition Under Section 68 for Failure to Prove Loan Creditworthiness

The ITAT quashed the Rs 5.44 lakh TDS demand against SBI on Leave Fare Concession payments for foreign travel, granting relief by following its earlier precedent.

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ITAT Deletes Addition on Demonetisation Cash Deposits Supported by Opening Cash Balance and Business Records

Section 69A Cannot Be Applied When Money or Valuable Items Are Properly Recorded in Books of Account, Says ITAT

ITAT Deletes Addition And Allows Rs 2.94 Crore Long Term Capital Loss Claim on Sale of Jointly Owned Property

ITAT Allows Sections 11 & 12 Exemption to Educational Trust; Deletes Capital Gains Addition and Depreciation Disallowance

ITAT Upholds Rs 6.58 Crore Addition Under Section 68 for Failure to Prove Loan Creditworthiness

ITAT Quashes Rs 5.44 Lakh TDS Demand on SBI Over Leave Fare Concession Payments for Foreign Travel