Unexplained Cash Credit

Income Tax

Survey Statement Alleging Bogus Loans Could Not Override Bank Records, ITRs and Confirmations; ITAT Deletes Rs. 1.45 Crore Section 68 Addition | Biz Flow Kit
Byadmin June 17, 2026

Survey Statement Alleging Bogus Loans Could Not Override Bank Records, ITRs and Confirmations; ITAT Deletes Rs. 1.45 Crore Section 68 Addition The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed three appeals filed by the Income Tax Department against Rubberwala Shelter for Assessment Years 2012-13 and 2013-14. The dispute arose after a…

Read More Survey Statement Alleging Bogus Loans Could Not Override Bank Records, ITRs and Confirmations; ITAT Deletes Rs. 1.45 Crore Section 68 Addition | Biz Flow Kit
Income Tax

ITAT Delhi Deletes Rs 9.41 Crore Addition on Demonetisation Cash Deposits Holding Suspicion Alone Cannot Justify Addition | Biz Flow Kit
Byadmin June 6, 2026

ITAT Delhi Deletes Rs 9.41 Crore Addition on Demonetisation Cash Deposits Holding Suspicion Alone Cannot Justify Addition The Income Tax Appellate Tribunal (ITAT) Delhi held that where cash sales were duly recorded in books, supported by stock records and VAT returns, the addition could not be sustained merely on suspicion regarding the timing of sales…

Read More ITAT Delhi Deletes Rs 9.41 Crore Addition on Demonetisation Cash Deposits Holding Suspicion Alone Cannot Justify Addition | Biz Flow Kit
Income Tax

ITAT Condoned 140-Day Delay, Says Substantial Justice Must Prevail Over Technicalities | Biz Flow Kit
Byadmin May 25, 2026

ITAT Condoned 140-Day Delay, Says Substantial Justice Must Prevail Over Technicalities The ITAT Bangalore condoned a 140-day delay in filing the appeal, holding that substantial justice should prevail over technical limitations. Observing the assessment was high-pitched, the Tribunal set aside the CIT(A)’s order and remanded the matter for fresh adjudication on merits after hearing the…

Read More ITAT Condoned 140-Day Delay, Says Substantial Justice Must Prevail Over Technicalities | Biz Flow Kit
Income Tax

Recovery of earlier advances cannot automatically be treated as unexplained income | Biz Flow Kit
Byadmin May 17, 2026

Delhi ITAT: Recovery of earlier advances cannot automatically be treated as unexplained income The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) on 14 May held that money received back by an assessee against earlier advances cannot be treated as unexplained cash credit under Section 68 of the Income-tax Act, 1961. A Bench comprising…

Read More Recovery of earlier advances cannot automatically be treated as unexplained income | Biz Flow Kit