The ITAT Pune upheld the deletion of an addition made by extrapolating a small unreconciled difference in Form 26AS to the entire year’s receipts. It held that the Assessing Officer’s approach ignored the revised reconciliation and could not form the basis for estimating undisclosed income.
ITAT Ahmedabad held that WhatsApp chats indicating suppressed production for one month could not be extrapolated to the entire financial year without corroborative material. The Tribunal restricted the addition to the profit element for a three-month period.
ITAT Kolkata held that the Assessing Officer was required to refer the property valuation to the DVO when the assessee disputed the value under Section 50C(2). The assessment was remanded for fresh adjudication after complying with the statutory provision.
Tribunal observed that it is for the businessman to decide how to organise business finances unless there is evidence of tax evasion. It deleted the Section 68 addition after finding that the assessee had adequately explained the source of funds.
ITAT Delhi held that merely reflecting depreciation in an incorrect schedule of the income tax return could not justify an addition under Section 69. Following its earlier decision in the assessee’s own case, the Tribunal upheld deletion of the addition and dismissed the Revenue’s appeal.
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NCLAT held that the appellant failed to prove the alleged deposit was made to the respondent company, as the records showed the money was credited to the Kerala Trade Centre. The appeal was dismissed with liberty to pursue remedies against the appropriate entity.
Tribunal ruled that questions relating to loans and advances are matters for assessment proceedings and not sufficient grounds to reject renewal of registration. The CIT(E) was directed to reconsider the application.
NCLT Mumbai compounded the offence for failure to hold the AGM within the time prescribed under Section 96 of the Companies Act, 2013. The Tribunal directed payment of a compounding fee after finding a continuing statutory default.
The ITAT held that reassessment notices issued after the surviving limitation period prescribed by the Supreme Court were invalid. Consequently, the reassessment proceedings and assessment orders were quashed for lack of jurisdiction.
