ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit unsustainable as cash proceeds already reflected in Profit & Loss account, hence addition u/s 68 will amount to double taxation.
Held that in the absence of any incriminating material found or seized during the course of search and seizure proceedings, the additions made by the AO during the course of reassessment under section 153A of the Income Tax Act are without jurisdiction.
ITAT Delhi held that as Permanent Establishment (PE) exists, interest income being connected to the PE, has to be treated as business profit under Article 7 of the treaty. Accordingly, expenses incurred has to be set off against the interest income.
The ITAT Chandigarh ruled in favour of an assessee whose agricultural income was previously marked as income from undisclosed sources, setting a significant precedent.
ITAT Raipur held that A.O after rejecting the books of accounts of the assessee could not have based his assessment on the said books of accounts. Accordingly, once the books of account of an assessee are rejected, then profit has to be estimated.
The ITAT Chennai confirmed that the late payment of EPF and ESI contributions could not be claimed alternatively under Section 37(1) of the Income Tax Act, marking a significant precedent for late payment disallowances.
ITAT Bangalore held that foreign travel expenses incurred for obtaining donations which are utilized for charitable purpose is allowed as expenditure.
The ITAT Pune ruling in Jankalyan Nagari Sahakari Patsanstha Ltd Vs ITO case sets a new precedent regarding eligibility of interest income for deduction under Section 80P(2)(a)(i) of Income Tax Act, redefining cooperative credit societies’ fiscal obligations.
ITAT Mumbai held that deduction of unamortized brokerage expenses claimed through revised return of income is duly allowable.
ITAT Mumbai held that disallowance of interest expenditure paid u/s. 201(1A) of the Income Tax Act on late payment of TDS is penal in nature and not compensatory.
