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Opening Cash Balance Cannot Be Treated Unexplained Solely for Non-Disclosure

June 23, 2026 1998 Views 0 comment Print

The ITAT held that an opening cash balance cannot be treated as unexplained merely because the previous year’s income tax return reflected nil cash. It deleted the addition after accepting the assessee’s explanation regarding accumulated withdrawals from taxed income.

Interest Disallowance Remanded as AO Made Addition Without Proper Verification: ITAT Ranchi

June 23, 2026 81 Views 0 comment Print

The ITAT held that the Assessing Officer disallowed interest expenditure without adequately verifying the records or confronting the assessee. The matter was remanded for fresh adjudication after providing an opportunity of hearing.

ITAT Deletes Bogus LTCG Addition in absence of Independent Inquiry & Corresponding Bank Credits

June 23, 2026 345 Views 0 comment Print

The ITAT held that the Assessing Officer failed to produce any material establishing a connection between the assessee and the alleged accommodation entry provider. It upheld the deletion of the Section 69A addition for lack of supporting evidence.

ITAT Reduces Profit Estimation to 3% as 8% Was Excessive for Electronics Trading Business

June 23, 2026 141 Views 0 comment Print

The ITAT held that estimating profit at 8% on deposits in undisclosed bank accounts was excessive considering the nature and margins of the electronics trading business. It reduced the estimated net profit rate to 3%.

ITAT Deletes Additions as Transactions Belonged to Separate Partnership Firms with Different PANs

June 23, 2026 102 Views 0 comment Print

ITAT Guwahati held that additions could not be sustained where the transactions related to a separate partnership firm with a different PAN and different partners. The Tribunal deleted the additions due to lack of evidence linking those transactions to the assessee.

No Section 56(2)(viib) Addition if Share Premium Difference Fell Within 10% Safe Harbour: ITAT Delhi

June 23, 2026 144 Views 0 comment Print

ITAT Delhi held that where the variation between the issue price and fair market value is within the 10% safe harbour under Rule 11UA, the issue price is deemed to be the FMV. The addition under Section 56(2)(viib) was therefore deleted.

Madras HC Rejects GST Challenge as Delayed Appeal Appeared to Defer Tax Payment

June 23, 2026 117 Views 0 comment Print

The Madras High Court refused to condone a 15-day delay, observing that the delayed intra-court appeal appeared to be an attempt to evade or defer tax payment. It, however, allowed the assessee to pursue the statutory appellate remedy.

ITAT Quashes Assessment as Section 143(2) Notice Was Issued by Non-Jurisdictional AO

June 23, 2026 327 Views 0 comment Print

ITAT Delhi held that a notice under Section 143(2) issued by a non-jurisdictional Assessing Officer without a valid transfer order under Section 127 rendered the assessment invalid. The assessment was quashed without examining the merits.

Delta Corp Gets NCLT Approval to Convene Meetings for Hospitality & Gaming Business Separation

June 23, 2026 90 Views 0 comment Print

NCLT Mumbai directed meetings of shareholders and unsecured creditors of the listed company while dispensing with meetings for other applicant companies due to unanimous written consents. The order lays down the procedural framework for considering the composite demerger and amalgamation scheme.

No Section 69A Addition for Cash Deposits Explained by Disclosed Instrument Charges

June 23, 2026 105 Views 0 comment Print

The ITAT held that cash deposited during demonetization was adequately explained through instrument charges consistently disclosed in earlier years. It deleted the addition under Section 69A after finding the source of cash established.

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