ITAT quashes DCIT’s 153C assessments for Piyush Bongirwar, holding that a single diary page pertaining only to AY 2013-14 cannot justify assessment for later years without specific incriminating material.
ITAT Mumbai allows Nikhil Manjrekar’s Sec 54 claim, directing deletion of LTCG disallowance; substantive proof of property reinvestment sufficed despite technical objection.
ITAT Delhi deletes AO’s ad hoc 50% expense disallowance and excess vessel cost addition for JITF Waterways. Upholds CIT(A)’s reliance on S43(1) Expl. (6) for asset cost.
ITAT Delhi quashes search assessments for Jagat Group, ruling that a single, consolidated approval letter for multiple assessees and years under Section 153D was invalid and mechanical.
Tribunal held that interest earned on FDs from borrowed funds for a highway project under construction must be capitalized against CWIP, dismissing Revenue’s claim to tax it as income from other sources.
ITAT Mumbai sets aside PCIT’s order, holding that AO’s acceptance of Section 80G deduction for CSR expenditure after inquiry is a plausible view, immunizing it from Section 263 revision.
Mumbai ITAT sets aside CIT(A) remand for LTIMindtree; holds AO’s S144 mention was clerical, assessment was S143(3). Directs CIT(A) to decide TP issue on merits.
ITAT allows employee TDS credit of Rs. 13.14 Lakh despite employer Dunzo’s deposit failure. Salary slips are sufficient proof; denial for employer’s default is rejected.
ITAT Delhi ruled that a diary alleged to show undisclosed income cannot sustain a Rs. 27 crore addition, as it was not seized, lacked corroboration, and mere voluntary surrender by the assessee is insufficient for assessment.
Bangalore ITAT grants S80P(2)(a)(i) deduction on interest from co-op society’s statutory investments, citing SC rulings that S80P must be interpreted liberally.
