ITAT held that once income is accounted in the Profit & Loss statement, further addition by the tax authority is unlawful. The order restores the correct claim of losses and eliminates double addition.
ITAT Delhi upheld deletion of additions under Section 68 after the assessee proved identity, creditworthiness, and genuineness of lenders. Interest disallowance was also deleted as loans were repaid and taxed transactions verified.
ITAT Delhi held that assessments for A.Ys 2011–12 and 2012–13 were invalid since they fell outside the ten-year block reckoned from the date of receipt of seized material. The Tribunal followed CIT v. Jasjit Singh (SC) and Ojjus Medicare (Del HC) rulings.
The ITAT held that the Assessing Officer cannot discard a registered valuer’s report without referring the matter to a Departmental Valuation Officer. The AO’s addition was set aside, and the fair market value must be recomputed based on the valuer’s report.
The Kerala High Court stayed tax recovery against an association, ruling that the NFAC must decide the pending appeal in light of the assessee’s restored Section 12A registration. The assessment order was based on the premise of cancellation, which the ITAT had since set aside.
Kerala High Court dismissed a writ petition challenging a Section 153C assessment, ruling that the ITAT had already addressed the Abhisar Buildwell Supreme Court judgment. Since the ITAT order contained a finding on the judgment’s applicability, the assessee’s only recourse was a statutory appeal under Section 260A.
The Kerala High Court stayed tax recovery against a co-operative bank, directing the NFAC to expeditiously decide the Section 80P deduction appeal. The ruling requires the appellate authority to specifically consider the binding Supreme Court precedent set in the Mavilayi Service Co-operative Bank judgment.
The Kerala High Court quashed an Income Tax Appellate Tribunal (ITAT) order because the Tribunal decided the case ex parte on the first posting date. The Court ruled this a clear violation of natural justice, as the ITAT failed to consider the assessee’s advance request for adjournment and lack of appeal memorandum.
Kerala High Court halted coercive tax recovery, ruling that since appeal hearing before NFAC was completed and orders were awaited, recovery action was premature. Court directed NFAC to dispose of appeal within two months, and recovery is stayed until that decision is issued.
Delhi High Court set aside the Section 148A(3) reassessment order against Vedanta, ruling that subsequent GST Department closure of the underlying ITC issue materially affects the basis of escapement of income. The matter was remanded for a fresh decision incorporating the GST clean chit on the same transaction.
