Judgement

The Income Tax Appellate Tribunal (ITAT) Ahmedabad has held that credits appearing in a personal savings bank account cannot automatically be regarded as undisclosed business turnover in the absence of any  evidence. The Tribunal

ITAT Holds Personal Bank Credits Cannot be Treated as Undisclosed Business Turnover Without Evidence 

High Court quashes reassessment, finding complete disclosure and mere change of opinion.

HC Quashes Reassessment Notice Against Chennai Container Terminal; Holds No Failure to Disclose Material Facts

Tribunal allows exemption on VRS compensation and leave encashment despite delayed appeals.

ITAT Grants Tax Exemption on VRS Compensation and Leave Encashment

Earlier withdrawals and documented receipts sufficiently explained cash re-deposited during demonetisation.

ITAT Accepts Cash Withdrawal Explanation, Deletes Unexplained Money Addition

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.

Explore Our Blogs

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

ITAT Holds Personal Bank Credits Cannot be Treated as Undisclosed Business Turnover Without Evidence

HC Quashes Reassessment Notice Against Chennai Container Terminal; Holds No Failure to Disclose Material Facts

ITAT Grants Tax Exemption on VRS Compensation and Leave Encashment

ITAT Accepts Cash Withdrawal Explanation, Deletes Unexplained Money Addition

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