The ITAT Delhi has deleted ₹2 Crore unexplained cash credit and ₹1.55 Crore unexplained expenditure against Shagun Jewellers, citing insufficient evidence.
ITAT Delhi confirms the reassessment of Ram Dev Rice Pvt. Ltd. for AY 2006-07, upholding the addition of Rs. 90 lakh under Section 68 for bogus share capital based on new tangible information.
The ITAT Chandigarh addressed the appeal concerning additions made to the income of Lekh Raj Educational & Charitable Trust, involving unexplained corpus funds and unsecured loans.
ITAT Mumbai overturned an income addition for Leena Haresh Harde, ruling that unsecured loans were genuine, and an assessment based solely on uncorroborated third-party statements without cross-examination is invalid.
Mumbai ITAT rules on ITO vs. Nikhil Vinod Aggarwal, invalidating assessment reopening without proper sanction and deleting “on-money” addition due to lack of evidence.
The Madras High Court addressed the tax treatment of royalty payments for brand use and the allowability of bad debts for Shriram Chits Tamilnadu Pvt. Ltd., affirming prior rulings.
The Madras High Court upheld that software expenses, including license fees, for Danfoss Industries Pvt. Ltd. are revenue expenditures, not capital, citing no enduring benefit.
Karnataka High Court allows CGI Information Systems to claim Section 10A deduction, deduct software fees, and claim foreign tax credit, reversing ITAT rulings.
Gujarat High Court sets aside Section 148 notice against AIM Fincon Pvt. Ltd., ruling it a mere change of opinion on already disclosed facts.
The Madras High Court has invalidated reassessment proceedings against Changepond Technologies, ruling they stemmed from a mere change of opinion, not new material.
