Tribunal reviewed onion cultivation expenses claimed at 21% of gross receipts and found CIT(A)’s 35% estimate excessive. Net agricultural income accepted at Rs.67.12 lakh, partly allowing the appeal.
Explains the revised rule limiting Table 8C to FCM invoices and blocked credits, clarifying how incorrect reporting may lead to negative Table 8D and potential disputes.
ITAT restored penalties under Sections 271AAC and 270A after noting CIT(A) dismissed appeal without hearing assessee. Case highlights necessity of providing a fair opportunity before imposing penalties.
ITAT Bangalore confirmed that income admitted under Section 132(4) constitutes undisclosed income under Section 271AAB. The assessee’s claim of voluntary disclosure to avoid litigation was rejected, validating the ₹30 lakh penalty.
ITAT Delhi held that TDS deposited by a buyer in a later year cannot override correct assessment year of capital gains. Form 71 enables taxpayers to claim such TDS credit in year of transfer.
Shows how rising inflation and unstable markets increase the importance of ULIPs, endowment plans, and hybrid insurance investments for secure, long-term wealth building.
The Supreme Court scheduled final hearing to determine if a trust working for a particular community can claim income tax exemption under Sections 11 and 12.
ITAT Kolkata held that an addition cannot be sustained solely on a survey statement under Section 133A. Proper verification of stock and business records is required before treating income as undisclosed.
ITAT Delhi held that an addition under Section 69C is invalid if it is not based on the allegations in the show-cause notice. The AO cannot exceed the notice, and procedural fairness is mandatory.
Tribunal ruled that massive companies like Infosys and TCS cannot be used as comparables when the assessee’s turnover is small, holding that size materially affects profitability. It directed exclusion of such entities and recalculation of margins.
