The ITAT Rajkot confirmed the addition of Rs.3.99 crore to the income of Kataria Snack Pellets Pvt. Ltd. under Section 56(2)(viib), ruling that the company’s Discounted Cash Flow (DCF) share valuation was speculative, lacked empirical support for growth rates and terminal value, and failed to adhere to ICAI guidelines.
ITAT Ranchi quashes PCIT’s Section 263 order against a Co-operative Society (Chotanagpur Catholic Mission). Rules 80P deduction cannot be denied after AO’s thorough verification.
ITAT Ahmedabad deletes Rs.8.14 lakh addition, ruling that AO’s estimation of agricultural expenses using an unrelated 40% benchmark was arbitrary and unsustainable in law.
ITAT Chennai sustains 50% disallowance of claimed agricultural income (Padam Kumar Vs DCIT). Holds land ownership alone doesn’t prove cultivation; evidence is necessary.
ITAT Chennai deletes Rs.1.86 Cr unsecured loan addition u/s 68 after verifying director source. Remands Rs.1.01Cr cash payment (40A(3)) and restricts TDS default (40(a)(ia)) additions.
ITAT Chennai rules sale of land 16 km from municipality is exempt agricultural income (Anita Vs ITO). Deletes LTCG and restricts Sec 14A disallowance to exempt income.
Ahmedabad ITAT deletes ₹34 lakh disallowance on commission and job-work. TDS compliance proven via Form 26AS, and commission nexus established by increased sales.
Kolkata ITAT rules that delayed Form 67 filing isn’t fatal to FTC claim. FTC is a substantive right under Section 90; Rule 128’s timeline is directory, not mandatory.
ITAT Jaipur holds u/s 159 that penalty survives assessee’s death and is enforceable against the legal heir. Recovery is strictly limited to the value of the inherited assets or estate.
ITAT Ahmedabad upheld the deletion of a ₹1.42 lakh penny stock addition. The Revenue failed to produce evidence (contract notes, demat statements) linking the assessee to the bogus transaction.
