ITAT Surat held that revisionary order passed by PCIT under section 263 of the Income Tax Act without providing adequate opportunity to the assessee to file relevant material evidences and documents before him is liable to be remanded back for fresh consideration of the matter.
ITAT Mumbai held that disallowance under section 14A of the Income Tax Act cannot exceed the amount of exempt income. Hence, AO directed to restrict the disallowance to the extent of exempt income earned.
ITAT Kolkata held that addition on account of lesser amount considered as claw back payment unsustained as in case, a higher amount is to be considered as claw back payment, then a higher amount is to be allowed as a deduction not character of income
ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit sustained as identity and creditworthiness of the parties and genuineness of the transaction not proved.
ITAT Chandigarh held that addition on account of failure to provide necessary explanation in respect of source of cash deposits in bank confirmed without considering explanation set aside with one more opportunity to assessee in the interest of substantial justice and fair play.
ITAT Bangalore held that the interest income received on temporary Fixed Deposits is eligible for exemption under section 10AA of the Income Tax Act.
ITAT Delhi held that provisions of section 50C of the Income Tax Act applies only in case of transfer of land or immovable property. Invocation of deeming provision of section 50C in case of mere transfer of right in property accrued under agreement without transfer of title is unjustifiable.
This case revolved around purchase of a property from twenty co-owners, where assessee was treated in default for non-deduction of TDS. Assessee argued that demand resulted in double taxation as taxes already been paid.
ITAT Delhi quashed revisional order in Havells India Limited Vs PCIT case due to unfulfilled prerequisites for invoking Section 263 of IT Act.
In the case of Navyug Cotton Company vs. ITO, ITAT Pune held that deduction for claimed bad debts can be allowed based on write-off, thereby eliminating the requirement to prove that debt actually became irrecoverable
