ITAT Delhi held that approval granted under section 10(23C)(iv) of the Income Tax Act cannot be withdrawn on the allegation of violation of certain compliance conditions, once the threshold conditions is duly satisfied.
ITAT Surat held that addition of entire contractual receipt is unsustainable in law as the entire receipt cannot be treated as income. In absence of any material to show net profit rate, presumptive net profit rate of 8% is to be considered as estimated income.
ITAT Delhi held that addition merely on the basis of bald statement under section 153A of the Income Tax Act without any incriminating material is unsustainable in law.
ITAT Delhi held that as per CBDT Instruction nos. 20/2015 and 5/2016 read with DGIT(Vigilance) letter dated 30th November, 2017 before venturing into other issues outside the scope of limited scrutiny, the Assessing Officer should have taken prior approval of PCIT/CIT. Failure of prior approval would render the assessment order bad in law.
ITAT Cochin held that agricultural income recorded on estimated basis needs to accepted as it was supported by all the possible evidence for estimating income. Revenue has not brought anything on record to show the income estimated and the percentage of expense claimed is not correct.
ITAT Gauhati held that TDS not required to be deduct by the partnership firm on salary, bonus, commission or remuneration given/ credited to the partner of the firm.
ITAT Mumbai held that disallowance of deduction under section 80IB of the Income Tax Act merely because part of manufacturing activities are being done from outside the unit is unsustainable in law.
ITAT Bangalore held that it is not necessary for assessee to establish that the debt, in fact has become irrecoverable; it enough if bad debt is written off as irrecoverable in the hooks of accounts of assessee.
ITAT Allahabad held that the interests on the credit balance in the capital account of the partners of the firms has to be calculated on the actual duration of the credit remains in the capital account and not on opening or closing day of financial year.
ITAT Mumbai held that investment made for purchase of distribution rights of the film is for the purchase of capital asset and hence loss incurred on the same allowable as ‘short term capital loss’.
