The ITAT Pune held that deletion of the addition was premature as the source of cash payments reflected in seized diaries had not been properly examined. It remanded the matter to the CIT(A) for fresh verification.
NCLT Chennai permitted revision of the company’s FY 2019-20 financial statements after finding that the Inter Corporate Deposit, interest income, and cash flow entries were inadvertently misclassified. The Tribunal held that the corrections were necessary to present a true and fair view under Section 129 and satisfied the requirements of Section 131 of the Companies Act.
The ITAT Hyderabad upheld deletion of a ₹68.75 crore Section 68 addition after finding that the partner had established the source of capital contribution through sale proceeds of land. The Tribunal held that documentary evidence sufficiently explained the capital introduced into the firm.
The Hyderabad ITAT restored the issue to the Assessing Officer to verify whether project support and business development costs qualify as Head Office expenditure under Section 44C. It held that the classification requires factual verification before deciding the allowable deduction.
The ITAT Delhi held that cash claimed as marriage gifts could not be accepted where the assessee failed to explain why it remained with him long after the marriage. The Tribunal sustained the addition relating to the Shagun amount.
The NCLT Chennai admitted a Section 9 insolvency petition after holding that the corporate debtor failed to establish a genuine pre-existing dispute. It found that the objections regarding quality and adjustments were unsupported by contemporaneous evidence.
The NCLT held that any registered member can seek restoration of a struck-off company under Section 252(3), irrespective of the extent of shareholding. It directed restoration after finding the application maintainable and within limitation.
NCLT Mumbai allowed the first motion application for the merger after noting the secured creditors’ consent and dispensed with their meetings. It directed meetings of equity shareholders and unsecured creditors before further consideration of the Scheme.
The ITAT held that reimbursement of travel and conveyance expenses to foreign associated enterprises was not liable for disallowance under Section 40(a)(ia). It followed its earlier ruling in the assessee’s own case and dismissed the Revenue’s appeal.
The ITAT held that the entire value of purchases from an alleged accommodation entry provider cannot be added as income. It directed the Assessing Officer to tax only the profit element by applying a 5% higher net profit rate.
