Entire amount of credit entries cannot be added to taxable income of assessee ignoring debit side entries and as when assessee is receiving cash and issuing cheques then said cheque of almost same amount then assessee cannot be held beneficiary of entire amount or entire amount of credit entries treating the same as unexplained.
Since quantum appeal itself is being quashed, penalty levied as against reassessment order for furnishing inaccurate particulars has no legs to stand and same is liable to be quashed.
Nagappan Arunachalam Vs ITO (ITAT Delhi) The ld. CIT(A) has sustained an addition u/s 69A equal to 50% of the peak balance in HSBC accounts jointly held with the spouse. The Ld. CIT(A) erred in holding that the Appellant was not able to rebut the issues raised by the AO during remand proceedings as the […]
ITAT Raipur held that addition as an unexplained cash credit u/s 68 of the Income Tax Act unsustainable in as much as the assessee company has duly discharged the onus of proving the identity and creditworthiness of the investor company.
ITAT Ahmedabad held that the assessee is entitled to claim of unabsorbed brought-forward depreciation to be set off against income from other sources as available during the year.
Nothing can be added or subtracted. We cannot infer anything which is not available in the reasons recorded. Therefore, in the light of the discussion as well as judicial precedent cited (supra) we find that the reasons recorded does not muster the requirements of the law as necessary for reopening of the assessment.
ITAT Delhi held that the Force of Attraction Rule doesn’t apply unless there is even a remote link between the activities of other projects is established with the PE.
ITAT Hyderabad held that revenue cannot deny the TDS credit to the deductee for non-payment of TDS by the deductor. Revenue has to proceed against the deductor by holding him as an assessee-in-default.
ITAT Bangalore held that reopening beyond the period of 4 years of completion of assessment u/s 143(3) without allegation regarding non-disclosure of full and true material facts is bad-in-law.
ITAT Mumbai held that initiation of revisional proceedings u/s 263 of the Income Tax Act unsustainable as AO has carried out enquiry on the issues, however, has failed to discuss the same in the Assessment Order.
