The Nagpur ITAT restored the issue of alleged unexplained investment to the Assessing Officer after observing that adequate opportunity was not granted before lower authorities. The Tribunal held that principles of natural justice required fresh examination of the assessee’s records.
The ITAT Nagpur held that receipts reflected in Form 26AS cannot automatically be treated as taxable turnover without verification and reconciliation with books of account and service tax records. The matter was remanded to the AO for fresh examination and cross-verification.
The ITAT Ahmedabad held that a bona fide error in selecting the incorrect clause in a Section 12A application cannot be the sole reason for rejecting registration. The matter was remanded to the CIT(E) for fresh consideration on merits.
The ITAT Ahmedabad ruled that expenditure incurred on an abandoned wind power project in the same line of business was revenue in nature since no enduring asset was created. However, the issue was remanded to the AO for verification of supporting evidence.
The ITAT Nagpur held that only the gross profit embedded in unrecorded sales can be taxed and not the entire sales amount under Section 69A. The Revenue’s appeal seeking full addition was dismissed.
ITAT Delhi deleted a Rs. 50 lakh addition under Section 68 after finding that the investor company had directly responded to notices and furnished supporting documents. The Tribunal held that the identity, genuineness, and source of investment were adequately proved.
The Tribunal restored issues relating to comparable company margins and working capital adjustment after finding that the assessee’s submissions required verification. The appeal was allowed for statistical purposes.
ITAT Delhi upheld addition of Rs. 2.78 crore after finding that the assessee had voluntarily admitted undisclosed stock during survey and post-survey proceedings. The Tribunal held that later retraction without supporting evidence could not displace signed statements and inventory records.
The ITAT examined additions based on alleged undisclosed sales and gross profit estimation after a search operation. The Tribunal held that industry-average GP rate should be adopted instead of the higher rate applied by the Assessing Officer and directed recomputation of income accordingly.
ITAT Hyderabad held that the reassessment notice issued for AY 2015-16 after 31.03.2022 was barred by limitation under the first proviso to Section 149 and therefore invalid.
