Agra ITAT confirms deletion of Rs. 6.77 Cr addition u/s 68, ruling the scrap trader’s bank credits were fully explained by GST, loans, VAT refund, and internal transfers, backed by evidence.
ITAT Mumbai rules Avana Global’s freight and inland haulage income is exempt under Article 8 of the India-UAE DTAA, rejecting the S44B tax stand and following High Court precedent.
Tribunal held that interconnected flats forming a single residence count as “one house” for Section 54F exemption and quashed PCIT’s revision, ruling that AO’s detailed enquiry could not be overturned.
ITAT Delhi quashed Balaji Metal Tech’s assessment, ruling it void due to mechanical approval, wrong section use (143(3) instead of 153C), and failure to mention DIN in the order.
ITAT Mumbai quashes PCIT’s S. 263 revision against Colgate Palmolive, holding PCIT cannot disregard binding Coordinate Bench order based merely on Supreme Court appeal pendency.
ITAT Delhi quashes search assessments, ruling consolidated S. 153D approval for multiple assessees was mechanical, violating judicial mandate for independent application of mind.
ITAT held that provisions taxing difference in stamp value and purchase price apply only to land and buildings, not leasehold rights. Addition of ₹21.95 lakh was set aside.
Assessee argued that the order was barred by limitation because it was not served within the prescribed time. AO countered this, claiming the order was dispatched via speed post on December 30, 2017, and had thus left the office within the deadline.
Mere act of depositing cash into a bank account, even during demonetization, was not conclusive proof of unexplained income under Section 69A especially for a business operating under a presumptive tax scheme.
ITAT Indore held that reopening of assessment done by Assessing Officer under section 147 of the Income Tax Act, based on tax audit report already available during original assessment, without any fresh and new material is invalid and liable to be quashed.
