ITAT Amritsar ruled that a company’s loans were not unexplained cash credits, deleting a tax addition after finding transactions were squared up through banking channels.
The ITAT Cochin has ruled against Muthoot Fincorp, confirming the disallowance of expenses due to non-deduction of TDS on a composite contract.
The ITAT Ahmedabad bench, in the case of DCIT vs. Phoenix Flexibles Private Limited held that a Commissioner of Income Tax (Appeals) cannot simply set aside a reassessment order and remand the case back to the Assessing Officer without first deciding on the jurisdictional and legal challenges raised by the taxpayer such as the validity of the notice and sanction for reopening.
The ITAT Ahmedabad case of Shah Dilip Sankarchand vs. ACIT rules on jurisdictional disputes invalidating a tax assessment notice issued by an unauthorized officer.
Delhi ITAT rules in favor of Kohinoor Foods, setting precedents on hedging losses, stock additions, and DRP jurisdiction. A key victory for consistency in tax law.
Delhi ITAT invalidates Bajaj Group assessments for AYs 2011-2019 ruling the Section 153D approval was a mechanical omnibus sanction without due diligence.
The ITAT Delhi has deleted a penalty imposed by the CIT(A), ruling that the CIT(A) did not have the jurisdiction to change the nature of a penalty from Section 271AAB to 271(1)(c).
The ITAT Delhi has remanded the transfer pricing case of Stryker India Pvt. Ltd., directing the exclusion of one comparable and inclusion of another, and allowing for the netting of payables and receivables.
The ITAT Delhi has dismissed a reassessment appeal, ruling that a Section 148 notice issued on March 31 but dispatched on April 20 was invalid. The delay in service rendered the assessment void as it fell under new, amended law.
The ITAT Delhi quashed an income tax reassessment against Amar Chemicals, ruling the assessment void because the mandatory notice under Section 143(2) was not served.
