Explore the Orissa Power Transmission Corporation Ltd vs. ACIT case at ITAT Cuttack. Analysis of interest income, business vs. other sources, and prior period expenses.
Explore the ITAT Mumbai decision in Ramavatar Mandavewala vs. JT.CIT regarding the applicability of penalty under Section 271AAB for undisclosed cash. Detailed analysis and conclusion.
Lateef Abdul Mohd. successfully challenges ITAT Hyderabad decision on cash deposit addition during demonetization, citing sales correspondence and legal precedent.
ITAT ruled that when sales are not in doubt, then 100% disallowance for bogus purchases cannot be made and relied on Hon’ble jurisdictional High Court in Nikunj Eximp Enterprises Pvt Ltd 372 ITR 619 (Bom) and Principal Commissioner of Income-tax vs M. Haji Adam & Co Income Tax Appeal No.1004 of 2016 dated 11/2/2019.
In a crucial decision, ITAT Delhi rules in favor of Nimit Kumar Aneja, allowing depreciation under section 32. Analysis of the case and its implications for carry-forward of WDV.
Explore the detailed analysis of K. Uttamlal & Company vs ACIT case regarding disallowance of foreign exchange loss on buyer credit. Learn the legal perspective and the final verdict.
Disallowance on delay in payment toward employee’s contribution to PF u/s 36(1)(va) via u/s 143(1) deleted in absence of adequate intimation to the assessee.
Existence of books of account maintained by assessee was a condition precedent for making addition under section 68. Where assessee had not maintained books of account, there was no legal scope to invoke provisions of section 68 and as such, addition made on such premise was to be deleted.
Bangalore Bench of the Tribunal in the case of M/s. Shetty Constructions v. ACIT has held that rejection of books of account is a precondition for making reference to the DVO.
The document impounded herein is duly supported by all the correct entries as per assessee’s stand itself, addition u/s 68 tenable
