ITAT ruled that failure to file a return does not justify taxing income without allowing legitimate deductions. The case was sent back to the AO to consider exemptions and deductions available in records.
ITAT Delhi held that reassessment proceedings for AY 2015-16 could not survive where the Section 148 notice was issued after 1 April 2021. The Tribunal ruled that such notices were barred by limitation and the resulting reassessment was void.
The tribunal held that GST, sales tax, and service tax refunds cannot be taxed where the assessee follows the exclusive accounting method and does not debit such taxes to the P&L account.
The tribunal held that failure to consider relevant documents denied proper adjudication. It set aside the orders and allowed fresh examination of compliance evidence.
The decision underscores that failure to follow the prescribed valuation procedure under section 50C leads to invalidation of additions. The Tribunal ruled in favor of the assessee due to lack of proper DVO reference.
The tribunal held that rental income cannot be taxed as business income when the assessee has diverse business objects. It directed reassessment under the correct income head.
The case examined whether transfer pricing adjustments could stand when an APA covered the relevant year. The Tribunal remanded the matter for reconsideration in line with the APA framework.
The Tribunal held that once the assessee disputes stamp duty valuation, referral to a Valuation Officer is necessary. The matter was remanded for fresh determination.
The case examined whether promotional expenses should be capitalized under the project completion method. The Tribunal held that such expenses, not linked to inventory development, are allowable as revenue expenditure.
The case addressed whether delayed filing of Form 10-IC invalidates a claim under Section 115BAA. The Tribunal held that the delay was procedural and directed allowance of the concessional tax rate.
