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ITAT upheld deletion of ₹3.31 crore addition under Section 69, noting full disclosure of foreign assets and sufficient income. Revenue cannot levy additions where investments are legitimate and documented.
ITAT upheld rejection of books under Section 145(3) due to incomplete records but reduced estimated net profit from 8% to 2%. Historical profit trends guided a fairer assessment.
ITAT Delhi remands addition of ₹78.12 lakh under Section 68, allowing assessee to prove lessees’ agricultural use. Proper verification and opportunity are essential before denying Section 10(1) exemption.
Mumbai ITAT permits deduction under Section 57(iii) for ₹30.90 lakh interest paid on housing loan deployed to earn interest income. The ruling confirms that loan purpose, not its label, determines eligibility.
Mumbai ITAT ruled that retracted statements of a third-party transporter cannot justify additions without corroborative material. Detailed invoices, delivery challans, and proof of goods movement demonstrated genuine business expenses, resulting in dismissal of Revenue appeals.
ITAT Mumbai held that disallowance under Section 14A cannot exceed the exempt income, upholding judicial precedents and deleting Rs. 6.66 crore addition, emphasizing that hypothetical income cannot be taxed.
Falcon Marine Exports Limited and officers were penalized for failing to disclose CSR policy, committee composition, and under-spending reasons in the Board Report.
ROC Delhi imposes penalties on a company and its directors for starting business before filing statutory declaration in INC-20A, highlighting compliance under Section 10A of Companies Act.
ITAT Chennai confirmed that section 234A interest is only compensatory and cannot be charged for periods when no tax remains outstanding. Full payment of self-assessment tax prior to the start of March 2022 negated any basis for levy.
