ITAT Mumbai deletes ₹14.5 Cr addition u/s 68 on unsecured loans, ruling onus shifts to Revenue once taxpayer provides PAN, bank statements, and ITRs of lenders.
ITAT Chandigarh deletes ₹1.64 Cr tax addition, ruling interest under Section 28 of the Land Acquisition Act is part of compensation, exempt under Section 10(37) for agricultural land.
Assessee did not comply with subsequent statutory notices, leading to an ex-parte assessment order under section 144, where the entire cash deposit was added back to its income under section 69A.
ITAT Hyderabad rules Excel sheets from an accountant’s laptop aren’t ‘books’ or ‘assets,’ quashing reassessment notices against Exel Rubber for mechanical sanction and insufficient evidence.
Recurring advisory/consultancy services without transfer of know-how/technical skill did not satisfy “make available” requirement under Article 12(4)(b) DTAA and therefore, payments couldn’t be taxed as FTS.
ITAT Kolkata deletes Rs.8.5 lakh addition for cash gift against Abdus Sattar. Tribunal ruled that the donor’s capacity must be judged by his balance sheet, not just current income, reversing the CIT(A)’s finding.
ITAT Kolkata deletes Rs.50 lakh addition for excess stock found during survey, ruling the AO failed to point out defects or reject audited books. Assessee had already accounted for the stock and paid advance tax.
ITAT Kolkata partially allows appeal for Sukumar Solvent, slashing additions. Tribunal ruled only the 12% profit margin on excess stock is taxable and that TDS on freight is not required if PAN is provided by the transporter.
ITAT Kolkata deletes S. 270A penalty on St. Peters School for disallowed depreciation. Tribunal ruled the incorrect claim was a bona fide clerical error, not misreporting, citing the Reliance Petro and Price Water House SC judgments.
ITAT Kolkata deletes Rs.19.37 lakh disallowance of Service Tax against Space Out of Home. Tribunal found the AY 2018-19 portion was paid in time and the balance was pending appeal before the CGST authority.
