Tribunal dismisses AO’s addition after assessing evidence, books of accounts, VAT returns, and confirmed ledgers, confirming the transactions’ authenticity.
Revenue’s claim of short-term gains was rejected; ITAT held that shares received as a gift inherit the donor’s acquisition date and holding period, validating LTCG and section 54F exemption.
ITAT Cochin upheld that hospital payments to consulting doctors are professional fees under Section 194J, rejecting Revenue’s claim for salary TDS under Section 192.
ITAT Mumbai invalidated the reassessment for AY 2008-09 because the notice under section 148 was issued after the statutory limitation period and contained a clerical error in the assessment year. The ruling underscores the necessity of strict procedural compliance for reassessment.
The Tribunal held that failure to file a return under section 139 or within the 148-notice deadline triggers Explanation 3, deeming concealment regardless of later tax payment. Penalty under section 271(1)(c) was sustained.
The Tribunal held that a reopening made after three years is void when approval is granted by the PCIT instead of the PCCIT/CCIT. The entire reassessment and related disallowance were struck down.
The Tribunal held that advances originating from bank cash-credit facilities secured by the shareholder’s personal assets are commercial transactions, not deemed dividend. The addition under section 2(22)(e) was therefore removed.
The Tribunal held that once sale proceeds are reduced from the asset block under section 43(6)(c), no separate tax can be levied on book profit. The addition was deleted to prevent double taxation.
The Tribunal held that AO must recompute capital gains considering purchase cost, indexation, and stamp duty, instead of merely adding the section 50C deemed value difference.
ITAT Mumbai upholds CIT(A) decision allowing depreciation on goodwill created during amalgamation. Revenue appeals dismissed for 2018-19 and 2020-21 assessments.
