The ITAT Pune set aside a reassessment case, ruling that the notice was invalid because it lacked the correct sanction from a Principal Chief Commissioner.
ITAT Chennai dismisses Midas Golden Distilleries’ appeal, upholding addition of ₹2.64 crore as unaccounted income based on a director’s admission and corroborated search evidence.
ITAT Chennai has ruled that 5% tolerance limit under Section 56(2)(x) is retrospective. ITAT also clarified that stamp duty and registration fees are not deductible from the property’s consideration.
ITAT Rajkot quashes a Section 263 order, ruling that the PCIT cannot revise an assessment based on a mere change of opinion when the AO has verified purchases.
The ITAT Ranchi quashed a reassessment against SGS Real Estates Pvt. Ltd., ruling the approval for reopening the case was invalid due to procedural defects and a lack of conscious application of mind by the PCIT.
Lalithaa Jewellery Mart Ltd. Vs DCIT (ITAT Chennai) Mere Loose Notings Without Corroboration Cannot Justify Unaccounted Income- ITAT Chennai Deletes Additions on “MD Sheet” Chennai ITAT delivered a consolidated order in six appeals filed by a leading South Indian jewellery retailer with nearly sixty showrooms, against assessments framed for AYs 2016-17 to 2021-22. The assessments […]
The ITAT Ranchi deletes a ₹1.67 crore addition to a hardware merchant’s income, ruling that cash deposits during demonetisation were explained by recorded sales.
ITAT Pune remands a case, ruling that a trust’s gross receipts cannot be taxed as income without allowing expenses, despite a significant delay in filing.
The ITAT Pune ruled that excess cash found during a business survey should be taxed as normal business income, not at the higher rate under Section 115BBE.
ITAT Pune upholds an estimated 8% profit on a grain merchant’s cash deposits of ₹2.61 crore, ruling against the taxing of the full amount as unexplained income.
