The Tribunal held that full TDS credit must be granted since all income relating to the TDS deductions had already been taxed. Proportionate credit under Section 199 was found unjustified.
The Tribunal held that once TNMM is accepted for a set of linked transactions, the TPO cannot separately benchmark Management Fees or treat their ALP as Nil. The adjustment was deleted as the fees were already included in the cost base used for arm’s length analysis.
ITAT Rajkot partly allowed appeal, directing that 90% of cash deposited during demonetisation be accepted as explained, with only 10% taxable under normal income tax.
The Tribunal found that notices lacking classification as limited, complete, or manual scrutiny violated CBDT instructions. As a result, the assessment under section 143(3) was quashed as void ab initio.
Tribunal emphasizes requirement of notice under section 153C for assessments in block period, quashing AY 2021-22 assessment framed without jurisdiction.
The ITAT remitted the issue to the CIT(A), noting that exemption provisions were wrongly applied to a non-qualifying investor. The takeaway is that exemption claims in share premium cases must match statutory definitions and evidence.
ITAT held that a protective addition under section 56(2)(vii)(b) could not survive once related substantive addition had been deleted in subsequent year. Ruling confirms that protective additions cannot stand independently when their basis no longer exists.
ITAT Jaipur ruled that ₹52.78 lakh added under Section 68 for demonetization-period cash deposits was unsustainable, citing reliable books of accounts and factual verification.
ITAT held that bank deposits consistent with declared fruit business turnover cannot be treated as unexplained under section 68; the addition of ₹1.29 crore was directed to be treated as genuine receipts.
Tribunal invalidated the reassessment because the Assessing Officer failed to obtain mandatory approval from the specified authority under Section 151(ii), rendering the Section 148 notice void.
