ITAT Hyderabad recognizes the relevance of DCB reports in determining proper payment of CST and VAT by Sri Gurukrupa Agro Industries for 2015-16.
ITAT Delhi held that initiation of proceedings u/s 153C of the Income Tax Act based on seized dumb documents found in the premises of third party is unsustainable in law as the seized documents are merely loose sheets not forming part of the books of account of the assessee and that they do not constitute admissible evidence.
ITAT Mumbai held that surplus/ income from pension scheme/ business is exempt under section 10(23AAB) of the Income Tax Act.
ITAT Mumbai held that post amendment to provisions of section 36(1)(vii) of the Income Tax Act as effective from 1st April 1989, the Act does not require the assessee to establish that the debts have in fact become bad before writing off. Accordingly, addition with regard to disallowance of claim of write off of bad debts duly deleted by CIT(A).
ITAT Ahmedabad held that disallowance of interest under section 36(1)(iii) unsustainable as interest bearing funds were not utilized for non-business purpose and interest free advances were made in the course of business.
Dive deep into case of DCIT Vs Suman Solanki, as ITAT Jaipur discusses its authority to rectify mistakes, amendments from Finance Act, 2021, and interpretation of Section 254(2).
ITAT Jaipur held that invocation of revisionary proceedings u/s 263 of the Income Tax Act justified in absence of proper inquiry by AO which renders the assessment order erroneous as well as prejudicial to the interest of revenue.
ITAT Delhi held that addition of cash credits in various bank accounts deleted by CIT(A) without verifying the persons/firm/Companies from whom the alleged amount has been credited is bad-in-law. Accordingly, matter resorted to the file of AO.
ITAT Mumbai held that addition under section 69B of the Income Tax Act towards unexplained investment sustained excel sheet and whatsapp chat are incriminating material found and seized during the course of search action.
ITAT Bangalore held that PCIT duly invoked provisions of section 263 of the Income Tax Act as assessment order was passed by AO without carrying out necessary enquiry/verification.
