ITAT Holds Receipt of Sale Consideration Through Banking Channel Cannot Be Treated as Unexplained Credit Without Proper Examination of Transaction:
The Income Tax Appellate Tribunal (ITAT), Delhi, has set aside an addition of Rs. 71 lakh made under Section 68 of the Income Tax Act and restored the matter to the AO for fresh adjudication.
ITAT Deletes Rs. 71 Lakh Addition Under Section 68
Saima
Jul 2, 2026Premium
ITAT Holds Receipt of Sale Consideration Through Banking Channel Cannot Be Treated as Unexplained Credit Without Proper Examination of Transaction
The Income Tax Appellate Tribunal (ITAT), Delhi, has set aside an addition of Rs. 71 lakh made under Section 68 of the Income Tax Act and restored the matter to the AO for fresh adjudication.
Also Read
ITAT Holds Cost of Acquisition Cannot Be Taken as Nil Merely Because Old Records Are UnavailableITAT Remands Section 69 Unexplained Cash Credit Addition After Bank Statement Was Not ExaminedITAT Holds Miscommunication Between Assessee and Counsel As Sufficient to Warrant Fresh Adjudication ITAT Remands Transfer Pricing Dispute: DRP to Reassess Comparables and Working Capital Adjustment
About Author
Saima
Content Writer
Saima is a Law graduate with a passion for research and content writing. She writes for Finance, Taxation and Legal Updates at Studycafe.in, simplifying complex legal decisions by the ITAT, High Court, AAR and GSTAT into uncomplicated and clear explanations.
StudyCafe
Delhi, Delhi, India
132My Recent Articles
- ITAT Holds Cost of Acquisition Cannot Be Taken as Nil Merely Because Old Records Are UnavailablePremium
- ITAT Holds Miscommunication Between Assessee and Counsel As Sufficient to Warrant Fresh Adjudication Premium
- ITAT Deletes Section 69A Addition on Demonetisation Cash Deposits Received by Co-operative Society from MembersPremium
- ITAT Holds Deposits in Foreign Companies’ Bank Accounts Cannot Be Taxed as Shareholder’s Unexplained Money Premium
- ITAT Upholds Taxation of Academic Consultancy Income under Section 44ADA Premium
Up Next
Loading suggestions…
Recent Posts
All Posts
Recent Posts
All Posts