ITAT Mumbai held that addition under section 69A towards unexplained cash found during course of search cannot be sustained since reconciliation of cash with concerned sales invoices duly produced. Accordingly, appeal of revenue dismissed to that extent.
ITAT Mumbai held that consulting charges is revenue item and accordingly, foreign exchange loss arising thereon is allowable as revenue expenditure. Accordingly, appeal of revenue dismissed.
Mumbai ITAT remands case of unexplained 4kg gold investment, citing improper rejection of assessee’s additional evidence under Rule 46A by CIT(A).
ITAT Ahmedabad rules that Section 13(1)(b), which addresses trusts for specific communities, is irrelevant at the registration stage. The provision applies only during assessment to determine exemptions.
The ITAT Kolkata rules on the Nabiul Industrial Metal case, deeming an assessment invalid due to jurisdictional issues with the faceless assessment scheme’s implementation date.
ITAT Ahmedabad partially allows an appeal by Bhikhabhai Hirabhai Patel, reducing late filing fees after ruling that TDS is not applicable to property transfers under Rs. 50 lakhs per transferee.
ITAT Bangalore recalls an order in the case of Smt. M.K. Rajeshwari, ruling that a Single Member Bench should not have heard the appeal as the assessed income exceeded the Rs. 50 lakh limit.
The ITAT Cochin has ruled that an Assessing Officer must refer a property’s fair market value to a DVO. Failure to do so invalidates any capital gains addition.
The ITAT Chennai has quashed a reassessment against Ambattur Constructions, ruling that a mere audit objection without fresh material is not a valid basis for reopening a completed assessment.
ITAT Raipur held that addition made on account of unexplained out of books cash transaction merely on the basis of certain information without cogent evidence or plausible reasoning has not substance to survive in eye of law. Accordingly, addition deleted.
