The Tribunal reaffirmed that revision is impermissible when the Assessing Officer adopts a reasonable view after due enquiry. Section 263 cannot be invoked merely because the PCIT prefers another line of investigation.
The Tribunal clarified that granting limited broadcast rights without rights to modify or exploit content does not constitute royalty income. The ruling underscores the distinction between copyright transfer and mere broadcast reproduction rights.
The Tribunal reaffirmed that once expenditure is shown to be wholly and exclusively for business, section 37(1) disallowance cannot survive. Suspicion cannot override documentary and commercial reality.
The Tribunal held that when purchases are conclusively proved to be sham accommodation entries, the entire amount is disallowable under section 69C. Mere invoices and bank payments cannot override incriminating search evidence and admissions.
ITAT Mumbai ruled that Form 26AS is not conclusive when deduction of tax is otherwise established. Denial of TDS credit would amount to double taxation, which Section 205 expressly prohibits.
The Tribunal deleted on-money additions where the tax department failed to establish a clear nexus between the assessee and alleged cash entries. Suspicion or unverified third-party material was held insufficient in law.
The tribunal held that Maximum Marginal Rate implies tax at the highest slab rate of 30%, not automatic levy of 37% surcharge. Surcharge must strictly follow slab thresholds prescribed in the Finance Act.
The ITAT held that reassessment initiated in July 2022 for AY 2015-16 was barred by limitation. The ruling confirms that expired cases cannot be revived under the post-2021 reassessment framework.
The Tribunal held that additions based solely on third-party statements and Excel data seized from another person cannot survive without independent corroboration. Denial of effective cross-examination rendered the section 69C addition unsustainable.
ITO Vs Oval Investment Pvt. Ltd (ITAT Delhi) AIS/Form 10DB Mismatch Not Conclusive- Share & F&O Profits Taxable Only in Real Owner’s Hands- Commission Agent Cannot Be Taxed on Principal’s Trading Income dismissed the Revenue’s appeal and upheld deletion of additions aggregating to ₹4.13 crore, holding that share trading, F&O and dividend income belonged to the […]
