The ITAT Ahmedabad deleted a ₹16.69 lakh addition, ruling that Section 69A cannot be invoked mechanically when the assessee provides evidence of business receipts.
The ITAT Delhi remanded a case to the CIT(A) to determine if the Assessing Officer had an independent belief to reopen an assessment, or if it was based solely on an audit objection. A dissenting opinion quashed the reopening as a change of opinion.
The ITAT Mumbai deleted an addition made under sections 69A and 69C, ruling that an addition based solely on loose papers and a third-party statement without corroboration is not valid.
The ITAT Bangalore ruled that late filing of Form 67 is not fatal to a Foreign Tax Credit claim, as the requirement is procedural, not mandatory.
ITAT Pune ruled that a pending appeal does not prevent a CIT from exercising revisionary powers on unrelated issues that were not part of the original appeal.
The ITAT Mumbai ruled that an assessment order passed on an amalgamated company after authorities were informed is void, citing the Maruti Suzuki precedent.
The ITAT Ahmedabad quashed a reassessment notice, ruling that the Assessing Officer’s use of “either…or” language indicated a lack of proper application of mind.
The ITAT Pune ruled that interest under Section 234B on an updated return should be calculated only up to the date of filing the return, not the intimation date.
Delhi High Court rules in favor of Central Plastics Pvt. Ltd., stating that taxpayers are not required to prove the “source of source” for share capital received before the 2012 amendment to Section 68.
The ITAT Mumbai ruled that the 60% tax rate under Section 115BBE applies to unexplained cash deposits for AY 2017-18, setting aside a lower rate.
