ITAT Mumbai allowed Saurashtra Cement’s appeal, ruling that disallowance under Section 14A r/w Rule 8D cannot be made if Assessee did not earn any exempt income during financial year. Ruling deletes an addition of ₹1.15 crore.
Tribunal remanded case to CIT(A), holding that assessee’s Section 80P deduction claim must be reconsidered after CCIT Coimbatore decides condonation petition under Section 119(2)(b).
The ITAT Chennai held that ₹1.98 crore received for reduction in profit-sharing ratio in CRCL LLP was not goodwill or taxable income under the Income Tax Act.
The ITAT Delhi dismissed the Revenue’s appeal for AY 2015-16 due to the tax effect falling below the CBDT’s prescribed limit of Rs. 60 lacs. For AY 2020-21, the appeal was dismissed, upholding the deletion of additions for dies for new model development and productivity maintenance expenditure based on judicial consistency.
ITAT Pune held that assessee was engaged in livestock transport on commission basis and not in trading, directing AO to apply 1.5% profit rate instead of 8% estimated earlier.
ITAT restricted the addition under Section 56(2)(vii)(b) to 50% on a jointly purchased property, preventing double addition as the co-owner was already taxed on the balance.
ITAT restored a disallowance of ₹18.76 Cr under Section 40(a)(ia) for non-deduction of TDS u/s 194Q to CIT(A), granting assessee a fresh opportunity. Mumbai ITAT remanded a tax appeal concerning substantial business purchases, directing CIT(A) to hear assessee on merits for non-compliance.
Reversing lower authorities, ITAT Ahmedabad ruled that the assessee proved genuineness of loans and interest payments, allowing deduction under Section 57 of the Income Tax Act.
ITAT Delhi remanded the case for re-examination of foreign remittances from Russia, directing the Assessing Officer to verify if the receipts were genuine trade receivables amid allegations of over-invoiced exports.
The ITAT set aside the rejection of Life Eternal Trusts 80G registration and remanded the case to re-evaluate if the trusts religious expenses exceeded the 5% limit. The Tribunal instructed the CIT to consider the trust’s new evidence on expense miscategorization.
