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Alleged bogus LTCG: ITAT deletes additions in absence of corroborative direct evidence

July 12, 2024 564 Views 0 comment Print

Read the full text of the ITAT Mumbai order in DCIT vs. Dilip B. Jiwrajka covering appeals against additions of unexplained income and commission under IT Act sections 68 & 69C for AYs 2012-13 to 2015-16.

Section 56(2)(vii) inapplicable to non-residents: ITAT Delhi

July 10, 2024 4050 Views 2 comments Print

ITAT Delhi rules Section 56(2)(vii) inapplicable to non-residents, deleting Rs. 9.31 Cr addition for APL Logistics Vascor Automotive Pvt. Ltd. Read full order and analysis.

No Section 69A addition for Cash deposits recorded in books: ITAT Delhi

July 10, 2024 1230 Views 0 comment Print

Read the full text of the ITAT Delhi order in Durga Fire Work Vs ITO case for AY 2017-18. Learn why Delhi ITAT ruled cash deposits during demonetization as non-taxable.

Cost of funds deductible against interest income from co-op & scheduled banks

July 10, 2024 270 Views 0 comment Print

Read the full text of the order by ITAT Bangalore on Mudur Vyavasaya Seva Sahakari Sangha Ltd’s appeal against CIT(A)’s decision. Detailed analysis on eligibility under Section 80P(2)(D).

Validity of Reopening Assessment Beyond Four-Year Limitation Period Hinges on Assessee’s Full Disclosure

July 9, 2024 615 Views 0 comment Print

Reopening of assessment beyond four-year limitation period invalid if AO fails to establish failure on the part of Assessee to fully and truly disclose all material facts necessary for assessment.

Section 263 cannot be invoked merely due to perceived inadequate inquiry

July 9, 2024 372 Views 0 comment Print

Read about the ITAT Mumbai’s ruling in AVTIL Enterprises Ltd Vs PCIT, where the invocation of section 263 was challenged for the AY 2017-18.

ITAT follows principle of consistency; Restricts addition for Bogus Purchase to 3% 

July 9, 2024 534 Views 0 comment Print

Explore the detailed ITAT Mumbai order on Trustar Diamonds appeal against ACIT for A.Y. 2012-13, addressing alleged bogus purchases in the diamond industry.

ITAT deletes addition made by CIT(A) without adequate justification 

July 9, 2024 312 Views 0 comment Print

Read the full text of the ITAT Mumbai order in the case of Krimesh Ramesh Divecha Vs DCIT for A.Y. 2015-16. Understand the assessment details and implications.

Dividend on Donated Shares to Corpus Fund Not Income from Other Sources

July 9, 2024 405 Views 0 comment Print

Explore ITAT Delhi’s ruling on dividend income exemption under section 11 of IT Act 1961. Detailed analysis of judgment against Revenue appeal for AY 2021-22.

Capital Gain cannot be treated as Bogus without any concrete evidence

July 9, 2024 606 Views 0 comment Print

Explore the case of Shaily Prince Goyal vs ITO (ITAT Mumbai) regarding cash credits from penny stock sales. Detailed analysis of Section 10(38), 45, and 69C under Income Tax Act, 1961.

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