ITAT Ahmedabad held that mere receipt of amount via banking channel doesn’t make the transaction as genuine. Addition u/s 68 of the Income Tax Act sustainable because of non-establishment of identity of creditor, genuineness of transaction and credit worthiness of the parties.
ITAT Mumbai held that revisional order u/s 263 cannot be invoked if Assessing Officer has conducted enquiries and applied his mind and has taken a possible view of the matter.
ITAT Chennai held that addition of provisions for leave encashment and provision for gratuity to book profit computed u/s 115JB unsustainable as the same is ascertained liability.
ITAT Chennai held that benefit of deduction under section 54 of the Income Tax Act cannot be denied for mere technical breach when the assessee has satisfied all the prescribed conditions.
ITAT Delhi held that penalty u/s 271AAA of the Income Tax Act is leviable when the assessee has accepted the additional/undisclosed income during the statement recorded u/s 132(4) of the Act.
ITAT Ahmedabad held that as per CBDT circular no. 4/2007 dated 15.6.2007 and 6/2016 dated 29-2-2016, person can hold shares as both investment and stock-in-trade Accordingly income will be taxable based on the type in which share is hold.
ITAT Chennai held that levy of penalty u/s. 271(1)(c) of the Income Tax Act alleging furnishing of inaccurate particulars of income unsustainable as the matter is highly debatable.
ITAT Ahmedabad held that the transaction charges are actually additional cost of funds raised for the purpose of business Hence expenditure incurred on account of the same was wholly and exclusively for the purpose of business.
CESTAT Delhi held that period of limitation should be calculated from the date when the order was served and not from the date when order was dispatched.
Delhi High Court held that compensation received from Government of Goa on cancellation of plot is capital receipt and hence not taxable.
