ITAT Hyderabad held that once a moratorium is imposed under IBC, Income Tax Department cannot recover dues from corporate debtor. However, proceedings to determine tax liability may continue under IBC and Income Tax Act.
ITAT Delhi ruled that the Assessing Officer cannot alter the share valuation method chosen by the assessee under Rule 56(2)(viib) of the Income Tax Rules. Consequently, the revenue’s appeal was dismissed.
ITAT Mumbai held that reopening of assessment under Section 147 of the Income Tax Act is invalid if based on no new tangible material. The order clarified that such reopening is legally unsustainable and liable to be quashed.
ITAT Mumbai ruled that the PCIT rightly invoked revisional powers under Section 263 as the assessment order showed lack of proper inquiry, upholding the revision.
ITAT Agra held that amount deposited during demonetization period cannot be treated as unexplained income since the amount is deposited out of genuine cash sales. Accordingly, appeal of revenue dismissed.
once the income forming the basis of AO’s reason to believe is explained, AO cannot tax other income independently
ITAT Ahmedabad held that unexplained credit additions cannot be sustained where HUF’s bank transactions are fully documented, and reassessment beyond four years without failure to disclose material facts is invalid.
ITAT Mumbai allowed Gateway Distriparks Ltd. s appeal, holding that Section 14A disallowance must be restricted to investments that actually generated exempt income, following the prospective nature of the 2022 amendment. The Tribunal also condoned a significant delay based on the Supreme Courts substantial justice’ principle.
ITAT Mumbai held that long-term capital gains on sale of land are taxable in the year of transfer of possession and payment, even if the formal sale deed is executed later. The decision emphasizes the principle of substance over form under Section 2(47).
Jewellers and Diamond Traders Association Vs CIT (Exemptions) (ITAT Chennai) The Jewellers and Diamond Traders Association (“the Association”) filed an appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, challenging the rejection of its application for registration as a charitable trust under Section 12AB of the Income Tax Act, 1961 (“the Act”). The application had […]
