ITAT Chandigarh deletes ₹32 lakh addition against Pawan International, ruling cash deposits from opening stock sales cannot be treated as unexplained income.
ITAT Chennai remands ₹36.5 lakh unexplained loans case for reconsideration after assessee fails to provide sufficient evidence of creditors’ financial capacity.
ITAT Ahmedabad held that non-compliance to notices issued u/s. 250 by CIT(A) resulted into delayed appellate proceedings. Accordingly, cost of Rs. 5,000 imposed on the assessee for lack of diligence.
The ITAT Mumbai dismissed the Revenue’s plea on Section 14A disallowance, ruling that the amendment introduced in Finance Act 2022 is not retrospective.
ITAT Delhi ruled in Rekha Rani vs. DCIT that penalty under Section 271(1)(b) cannot be imposed for each non-compliance of Section 143(2) notices, only for the first default.
ITAT Delhi quashes Section 271(1)(b) penalty against Charu Modi Bhartia, citing lack of evidence on alleged foreign bank account ownership with HSBC Geneva.
Assessee being a real estate developer, allotted 10060 equity shares as per the fair market value (FMV) computed in accordance with Sec.56(2)(viib) read with Rule 11U / 11UA.
ITAT Mumbai held that addition towards bogus purchases unwarranted as GP rate on sale of alleged bogus purchases is more than the GP rate of other purchases. Accordingly, appeal allowed the addition deleted.
ITAT Agra held that addition towards interest paid on CC is liable to be deleted since interest free advance given to potato growers (farmers) were out of the business expediency. Accordingly, addition deleted and appeal allowed.
ITAT Kolkata held that expenditure towards sales promotion expenses allowed as deduction under section 37(1) of the Income Tax Act since bills along with other evidences related to the same is duly produced. Accordingly, appeal allowed.
