ITAT Bangalore remanded a Section 69A addition after holding that an APMC commission agent’s entire sale proceeds could not be treated as income.
ITAT Bangalore deleted additions after holding that the return filed under the correct PAN could not be ignored due to the existence of a duplicate PAN.
ITAT Bangalore deleted the Section 69A addition after holding that member details established the source of cash deposits made during demonetisation.
Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. Such income could not be reduced by attributing expenditure before the concessional rate of tax was applied.
ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was deleted and remanded.
ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and earlier acquisition of foreign investments.
ITAT Kolkata deleted the Section 68 addition, holding that share application money already assessed in subscribers’ hands cannot be taxed again in the company’s hands.
ITAT held interest from head office and overseas branches is not taxable as payment to self, while interest from overseas banks also fell outside Section 9(1)(v)(c).
ITAT Jodhpur held that Section 37(1) business expenses cannot be disallowed without specific findings on genuineness. All appeals were allowed and disallowances deleted.
ITAT Mumbai held that TDS credit cannot be denied where the employer deducted tax but failed to deposit it. Recovery must be made from the employer, not the employee.
