The tribunal found that the income addition of ₹80 lakh was incorrectly attributed to the assessee personally instead of the company, allowing the appeal to proceed on merits.
Tribunal ruled that examining purchases was permissible under limited scrutiny for sales mismatch. However, the 3% profit estimation was found arbitrary and sent back for fresh computation.
ITAT ruled that protective addition of Rs.27.74 lakh in the assessee’s hands was unjustified as the real owners of the seized gold had already been assessed.
The Tribunal deleted Rs. 1.03 crore added under Section 69A, holding that funds remitted from the USA originated from disclosed long-term capital gains. Detailed bank records and SWIFT copies substantiated the source beyond doubt.
The issue was whether an outstanding loan could be taxed as deemed dividend in a year when no loan was received. The Tribunal held that the decisive factor is the year of payment and remanded the matter for fresh examination.
ITAT Kolkata held that an assessment under section 143(3) is invalid if the section 143(2) notice does not comply with CBDT prescribed formats. The ruling nullifies both the assessment and related revisionary proceedings.
ITAT held that Rule 8D cannot be applied automatically under section 14A; the AO must record satisfaction on the correctness of the assessee’s suomoto disallowance, quashing the incremental disallowance.
The assessment notice issued by a Jurisdictional AO post-29.03.2022 violated the faceless assessment scheme, making the income addition void. The tribunal allowed the appeal in favor of the assessee.
Karnataka HC held that a notice under Section 148A(b) providing less than the statutory seven days is void. All consequential assessments, penalties, and demands were quashed as a result.
The Karnataka High Court held that a charitable trust should not be denied exemption merely for a delayed Form 10B filing caused by genuine oversight. A hyper-technical rejection under Section 119(2)(b) was set aside in favour of a justice-oriented approach.
