ITAT rules that a company’s share premium received from a publicly listed parent company is not taxable under Section 56(2)(viib) and cannot be taxed as income.
Mumbai ITAT rules that tax additions for bogus purchases are not valid if the goods were returned and the transactions were fully reversed in the company’s books.
ITAT Mumbai deletes 100% bogus purchase addition on diamonds, ruling that only the profit element is taxable as the assessee had already offered presumptive income.
The Chandigarh ITAT has dismissed a trust’s appeal for 80G approval, ruling that its hospital operates commercially and has no verifiable charitable activities.
ITAT Chandigarh deletes a Section 68 addition on share capital, ruling that a listed company is not required to prove a source of source for investment.
ITAT Rajkot allows an appeal despite manual filing and delay, prioritizing a fair hearing over procedural errors and remanding the case for re-adjudication.
The ITAT ruled that a trust’s tax exemption application cannot be rejected for selecting the wrong clause. The case was remanded for a decision on merits.
ITAT Pune rules that a CIT(A) cannot remand assessments under Section 147. This power to set aside and remand is restricted only to Section 144 assessments.
The ITAT in Vir Savarkar Swimmers Club vs. ITO case ruled that even without a tax exemption, only a society’s net income is taxable, not its gross receipts.
The ITAT in Ganesh Agro Steel Industries vs ACIT ruled that an appeal cannot be dismissed for non-prosecution without a speaking order on its merits.
