ITAT quashes PCIT’s Sec 263 order; rules AO made detailed inquiry into unsecured loans, rejecting PCIT’s view that inadequacy of inquiry justifies revision.
ITAT Mumbai holds TDS credit follows income, not PAN. Credit cannot be denied due to Form 26AS mismatch if income is taxed in assessee’s hands.
The Income Tax Appellate Tribunal (ITAT), Delhi, ruled against the revenue’s additions of unaccounted capitation fees and cash loan interest under Sections 69A and 69C against the Saraswati Ammal Educational & Charitable Trust.
ITAT quashes Rs..4.52 Cr disallowance; rules foreign agent commission and warehousing charges aren’t taxable FTS in India, thus no TDS under Section 195 required.
Anuh Pharma Ltd. Vs PCIT (ITAT Mumbai) CSR Deduction u/s 80G Disputed -Cooling Tower is Not Automatically Power – ITAT Mumbai Endorses 263 Revision-Lack of Proper Inquiry Fatal – ITAT Confirms PCIT Action Against AO’s Order; ITAT Mumbai upheld revisionary order u/s 263 against assessee, holding that AO failed to conduct proper inquiry into two […]
ITAT Ahmedabad held that addition towards unsecured loan is liable to be deleted since assessee has duly discharged its onus of proving the genuineness of the unsecured loan with documentary evidences. Accordingly, appeal of the assessee allowed to that extent.
ITAT Lucknow held that claim has been allowed by AO in scrutiny proceedings u/s 143(3) of the Act, it was natural that the demand raised on the same issue under section 143(1)(a) of the Act is required to be modified. Accordingly, appeal partly allowed.
Proportionate expenditure against interest income might be allowed to assessee subject to assessee establishing connection between incurring of such expenditure towards earning of interest income from nationalized banks, which was a specific requirement for claim of such expenditure u/s section 57.
ITAT Delhi deletes Rs.9.99 lakh unexplained expenditure addition, ruling that the Revenue cannot sustain an addition under Sec. 69C based purely on suspicion of cash handling logistics.
ITAT Rajkot deletes Rs.2.5 lakh cash addition made during demonetization, ruling that the amount was within the non-taxable limit specified by the CBDT for small deposits.
