Read how the ITAT ruled the AO violated natural justice by ignoring confirmations and evidence for bank receipts and share sale proceeds. The Tribunal confirmed the deletion of all additions related to loans and advances.
Read the ITAT’s order on the validity of share capital additions under the pre-amendment Section 68 for AY 2012-13. The ruling confirms that the Revenue must conduct thorough inquiries beyond mere non-service of summons to creditors.
Judicial ruling confirms that investment source for property purchased by a homemaker was genuine. The ITAT found that the entire consideration had a clear trail from the son’s account, reversing the mechanical addition made by lower authorities.
Learn why the ITAT quashed the deemed dividend addition. The Tribunal found the payment was a salary adjustment, not a loan, and the AO failed to disprove the source of the cash credit.
The ITAT Mumbai deleted a ₹19 lakh addition u/s 68, ruling that taxing receipts already included in a company’s sales turnover constitutes double taxation. Addition was based on insufficient evidence.
The ITAT Mumbai deleted a ₹2.30 crore penalty u/s 271(1)(c) imposed on World Series Hockey Pvt Ltd, ruling that a disallowance of a bad debts claim made in good faith does not attract penalty.
ITAT Mumbai ruled that denying effective cross-examination of key witnesses, like R.K. Kedia, violated natural justice, vitiating the income tax assessment in a bogus long-term capital gains (LTCG) commission case.
ITAT Mumbai set aside a cryptic CIT(A) order and remanded the entire case to the AO, directing a de novo inquiry into unexplained fixed deposits, cash, and flat investment after admitting new bank certificates and considering natural justice principles.
The ITAT Mumbai deleted an addition of ₹46 lakh in the Rekha Rajesh Jogani case, ruling that the Income Tax Department cannot rely solely on general ‘penny stock’ investigation reports to deny Long Term Capital Gains (LTCG).
Issuance of a valid notice under section 143(2) was mandatory and non-issuance or belated issuance vitiated the assessment. Accordingly, Tribunal quashed the reassessment order passed under section 147 r.w.s. 144B as being void ab initio.
