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Ca Vijayakumar Shetty

Latest Posts by Ca Vijayakumar Shetty

Extrapolating Unaccounted Sales Without Evidence is Flawed: ITAT Bangalore

June 15, 2025 3 Views 0 comment Print

ITAT Bangalore rules against extrapolating unaccounted sales without concrete evidence in DCIT vs. Kanva Diagnostic Services. Admissions alone are insufficient for additions.

Excuse, Not Explanation: Emotional Grounds Without Evidence Insufficient – No Condonation: ITAT Bangalore

June 15, 2025 Views 0 comment Print

ITAT Bangalore dismisses Prem Prakash Gupta’s appeal for 375-day delay. Emotional distress cited without evidence deemed insufficient for condonation. Case highlights ‘explanation’ vs ‘excuse’.

ITAT Ahmedabad confirms validity of Section 263 revision for wrong penalty notice

June 14, 2025 51 Views 0 comment Print

ITAT Ahmedabad rules on Vikas Vijay Gupta vs PCIT, confirming the validity of revision under Section 263 for a wrongly issued penalty notice. Procedural errors in penalty proceedings are rectifiable by PCIT.

Lack of evidence & Unexplained Cash Credits; Cochin ITAT upholds additions against Charitable Trust

June 14, 2025 96 Views 0 comment Print

Cochin ITAT confirms additions against Sreepathy Trust for AY 2013-14 and 2016-17 due to insufficient evidence for cash credits under Section 68 of the Income-tax Act.

ITAT Cochin Upholds Section 69A Cash Deposit Addition, Rejects Post-Dated Evidence

June 14, 2025 165 Views 0 comment Print

ITAT Cochin confirms ₹1.05 Cr cash deposit addition for AY 2017-18. Assessee failed to explain source from fish sales, and new evidence was rejected as belated.

Higher Sale Consideration vs. Deed Value – No Unexplained Income, Section 69A Addition Deleted: ITAT Cochin

June 14, 2025 2529 Views 0 comment Print

ITAT Cochin rules in favor of assessee Chemangattu Jose John, deleting Section 69A addition related to property sale consideration discrepancy, citing transparent bank receipts.

Mere custody of funds by Director not Deemed Dividend u/s 2(22)(e) 

June 9, 2025 393 Views 0 comment Print

ITAT Bangalore rules that a director’s mere custody of company funds, without personal use or formal loan, does not constitute a deemed dividend under Section 2(22)(e) of the Income-tax Act.

AO’s plausible view on Trust’s surplus utilisation upheld & Section 263 Revision order quashed

June 2, 2025 189 Views 0 comment Print

This appeal concerns a trust’s income tax exemption and the utilization of accumulated income. The Tribunal reviewed whether the initial assessment, which did not tax past surpluses, was erroneous, and allowed the trust’s appeal.

Hotel Renovation Expenses to maintain standards is revenue in nature: ITAT Cochin

June 2, 2025 249 Views 0 comment Print

This case examines whether extensive hotel renovations are revenue or capital expenditures under the Income Tax Act, analyzing arguments from the Revenue and the assessee, and referencing key court decisions.

Sec 56(2)(x) Covers All Immovable Properties, Including Agricultural Land; AO Must Refer Disputed Valuation to DVO

June 2, 2025 1479 Views 0 comment Print

ITAT Ahmedabad rules Section 56(2)(x) applies to agricultural land. Assessee’s dispute on stamp duty valuation mandates DVO reference. Case remanded for re-evaluation.

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