The ITAT Nagpur has ruled that income surrendered during a survey from an excess stock of jewelry is business income, not an unexplained investment.
The ITAT Delhi ruled that receipts for online journal access are business income, not royalty. The court held that without a Permanent Establishment, a US company’s income is not taxable in India.
The Income Tax Appellate Tribunal (ITAT) in Cochin has quashed an assessment order against Al Zarafa Travel & Manpower Consultants, ruling that the Assessing Officer’s jurisdiction was invalid.
ITAT Nagpur remands Mohd. Siraj’s appeal to CIT(A), allowing him a fresh chance to prove large bank deposits belonged to his employer, not him.
ITAT Mumbai deleted a Rs.7 lakh addition made to a non-resident Indian, ruling that his explanation for property investment was plausible, with funds sourced from NRE account withdrawals and jewelry sales.
The ITAT Mumbai upheld the deletion of a Rs.49 lakh addition made to Kolar Paper Mills for a CSR donation. The court ruled that the company had already disallowed the expenditure and had not claimed any deductions, thus preventing double taxation.
The Income Tax Appellate Tribunal (ITAT), Raipur Bench, has quashed the assessment against Pawan Kumar Agrawal, ruling that the mandatory prior approval under Section 153D of the Income Tax Act.
The ITAT Cochin has ruled that a charitable trust’s belated return filing for AY 2014-15 is not a valid reason to deny an exemption under Section 11. The court clarified that the condition for timely filing became a legal requirement only from AY 2018-19.
PCIT’s revision order on Gajanand Financial Consultancy’s protective addition was quashed by ITAT Nagpur. The Tribunal ruled the AO made a detailed enquiry, and protective additions can’t be revised when substantive ones exist.
The Cochin ITAT has set aside a Rs.35.05 crore income addition to Keezhuparamba Service Co-operative Bank. The court remanded the matter for fresh verification, noting that the Assessing Officer mistakenly clubbed members’ deposits with share capital.
