Judgement

The ITAT upheld CIT(A)'s order stating that there was no unexplained investment.

ITAT Rejects Revenue's Appeal as Income Source Properly Explained

Articles

The Income Tax Department reports a 9.4% rise in net direct tax collections, indicating a wider taxpayer base.

India’s Net Direct Tax Collections Rise 9.4% to Rs. 19.44 Lakh Crore, Reflecting a Broader Tax Base

The ITAT said that whether an expense is revenue or capital is a debatable issue, and the penalty under Section 271(1)(c) cannot be levied if the dispute involves debatable legal interpretations.

Section 271(1)(c) Penalty Cannot be Levied Where Issue is Debatable: ITAT

Section 271(1)(c) Penalty Cannot be Levied Where Disallowance Involves Debatable Issue: ITAT

Income Tax Addition for Unexplained Cash Deposits During Demonetization Period deleted for Cash Balance Backed by Books of account and computation of income

Demonetization Cash Deposits Addition Deleted as Books Fully Explained Cash Balance

ITAT upheld the CIT(A)'s ruling, holding that ad-hoc expense disallowances without rejecting audited books or proving defects cannot be sustained.

ITAT Dismisses Rs. 8.82 Crore Addition; Holds Estimated Disallowances Not Allowed Without Proof

ITAT held that salary earned and first received outside India by a non-resident is not taxable in India merely because it was later credited to an NRE bank account.

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ITAT Rejects Revenue's Appeal as Income Source Properly Explained

India’s Net Direct Tax Collections Rise 9.4% to Rs. 19.44 Lakh Crore, Reflecting a Broader Tax Base

Section 271(1)(c) Penalty Cannot be Levied Where Disallowance Involves Debatable Issue: ITAT

Demonetization Cash Deposits Addition Deleted as Books Fully Explained Cash Balance

ITAT Dismisses Rs. 8.82 Crore Addition; Holds Estimated Disallowances Not Allowed Without Proof

Foreign Salary of Non-Resident Not Taxable in India Merely Due to NRE Account Credit: ITAT