ITAT Jaipur ruled that reassessment under Section 148 based solely on Investigation Wing’s report without independent verification is invalid and void ab initio.
ITAT Mumbai upholds CIT(A)’s deletion of ₹5.73 crore addition u/s 68, holding HUF proved loan identity, creditworthiness, genuineness, and repayment with interest.
ITAT Delhi ruled in favor of Air Con Systems (India) Pvt. Ltd., deleting a ₹62,00,000 addition made under Section 69A of the Income Tax Act. The addition was based solely on notings in an undated loose paper seized from a third party’s residence.
Tribunal held that the enhanced leave encashment limit of ₹25 lakh, notified by CBDT on 24 May 2023, applies retrospectively to non-government employees. The assessment order was set aside, granting full exemption benefit to the retired SBI officer.
Upholding the CIT(A)’s decision, the ITAT confirmed that the charitable trusts claim for exemption on ₹2.45 crore application of income could not be denied. The ruling establishes that the registration granted under Section 12AA, even if initially delayed, holds legal force for the current assessment year, nullifying the AOs attempt to tax voluntary contributions.
ITAT quashes Rs.8.8 Cr penalty u/s 271G on Atul Ltd.. Penalty applies for non-furnishing TP docs, not for TPO’s rejection of the assessee’s benchmarking method. Cites Delhi HC precedent.
The Tribunal directed the CIT(A) to decide the appeal afresh on its merits, including a ₹75 lakh unexplained cash advance addition, after finding that the earlier dismissal was based purely on a procedural technicality. The ruling emphasizes that the CIT(A) must use their wide powers to adjudicate on merits and cannot reject an appeal at the threshold.
ITAT Mumbai held that addition towards unexplained expenditure merely on the basis of suspicion based on information received from another authority without independent enquiry cannot be sustained. Accordingly, appeal of revenue dismissed.
ITAT Mumbai held that the interconnect usage charges and roaming charges paid to Foreign Telecom Operators [FTOs] are not in the nature of royalty and hence not taxable in India. Thus, disallowance u/s. 40(a)(i) for non-deduction of TDS not justified. Accordingly, appeal allowed to that extent.
Tribunal held that unexplained credit u/s 68 cannot be added when assessee has not yet commenced business. Loans received via account payee cheques from relatives of partners were genuine, referencing Alankar Promoters LLP vs ITO (Delhi HC).
