ITAT Agra held Section 44AD could not apply where turnover exceeded the limit, adopted past profit history, allowed telescoping and deleted Section 43B addition.
The ITAT Pune held that the option exercised under Section 115BAC continues for subsequent years unless it is withdrawn or becomes invalid under the Act. It directed the AO/CPC to allow the new tax regime for AY 2023-24.
ITAT held an assessment passed after the taxpayer’s death was invalid in law, quashed the order, and treated all remaining issues as academic.
ITAT held that goodwill arising on amalgamation qualifies as a depreciable intangible asset. It also deleted the TP adjustment on overdue AE receivables.
ITAT Kolkata held that reassessment based on incorrect factual assumptions and lack of verification was invalid and quashed the reopening.
ITAT held that negative cash balances do not automatically establish undisclosed income and upheld addition only to the peak negative balance.
ITAT Mumbai held that an accrued business liability supported by evidence is deductible under Section 37(1) despite future payment, while rejecting a capital receipt claim.
ITAT Chennai held that penalty under Section 271(1)(c) cannot survive when the AO accepts the income declared in the return filed under Section 148.
ITAT held that expenditure on a permanently abandoned project is deductible as revenue expenditure and deleted the related additions.
ITAT held that the limitation under Section 153C must be reckoned from the date the jurisdictional AO receives seized material, not the search date.
