ITAT Delhi held that TDS provisions are not applicable in case of commission paid to bank and commission paid to partners. Accordingly, disallowance u/s 40(a)(ia) unsustainable.
Addition made by the lower authorities to the extent of opening balance of share premium of Rs.63,32,28,987/- u/s 68 in AY 2018-19 was unjustified as share premium received in earlier years had already been examined and verified in the income-tax assessments framed u/s 143(3) and the explanation furnished by assessee had been accepted.
ITAT Mumbai held that NABARD has acted as nodal or implementing agency for the schemes framed by GOI. Hence the amounts transferred to Tribal Development Fund/Watershed Development Fund are diverted at source itself and hence not taxable in the hands of the assessee.
ITAT Bangalore held that excess premium paid by the assessee on redemption of preference shares cannot be taxed as deemed dividend under section 2(22)(d) or section 2(22)(e) and hence deleted the addition.
ITAT Delhi held that the onus is on the assessee to prove both source and nature of the credits in case of unexplained credit u/s 68. Unexplained credit will sustain in case the assessee fails to prove any of the same.
ITAT Allahabad held that while rejecting the application for grant of approval u/s 10(23C)(vi) CCIT has not dealt with all the aspects in a comprehensive manner and hence the matter restored back for passing detailed and exhaustive order.
ITAT held that Income Tax reassessment initiated on the basis of borrowed satisfaction without any independent application of mind by Assessing Officer is liable to be quashed.
ITAT held that additions framed on account of undisclosed income being sustained in part is justified, where assessee was required to file complete details of such friends and relatives and also the details of sales but the same has not been done at any stage.
A R Transport Vs ADIT (ITAT Jabalpur) Amended provisions of Section 154 cannot be applied with retrospective effect in respect of an AY which precedes the year of amendment of the provisions
While holding that the premium on redemption of preference shares was exigible to tax under the head Income from Capital Gains, the ITAT held that the revenue authorities were not justified in making the additions to the assessees income on the ground of notional premium receivable on preference shares.
