ITAT Lucknow dismisses revenue appeal, annulling reassessment against Mohd. Ayub Mohd. Yaqub Perfumers, citing lack of nexus and concrete evidence.
ITAT Ahmedabad ruled on Unimed Technologies’ software license and renewal expenses, classifying them as revenue. The tribunal also addressed interest expenditure disallowance.
Delhi ITAT nullifies an assessment, ruling that an Assessing Officer lacks jurisdiction without a valid Section 127 transfer order. Absence of the order makes proceedings invalid, affirming procedural adherence.
ITAT Bangalore dismisses revenue’s appeal, ruling that income addition based on third-party seized document lacks corroboration and cannot use search presumptions.
ITAT Ahmedabad upholds reassessment validity despite technical error, but incomplete text prevents full summary on undisclosed income addition.
Disallowance of trading losses due to SEBI’s ad-interim order and lack of detailed scrutiny by tax authorities.
Assessee was engaged in agro-based trading, faced reassessment for Assessment Year (AY) 2017-18 based on information from a survey under Section 133A conducted at premises linked to Shri Ashok Kumar Gupta and associates.
ITAT Pune held that disallowance under section 40(a)(ia) of the Income Tax Act cannot be sustained interest income is already reflected in the return of the deductee and tax is already paid on the same. Accordingly, appeal allowed to that extent.
Assessee-trust registered under Sections 12A and 80G had filed its return of income for Assessment Year (AY) 2017-18 declaring nil income. The return was processed under Section 143(1), and the case was selected for scrutiny under CASS.
Assessee claimed deduction under section 54F on the basis that the long-term capital gain earned from the transfer of tenancy/possessory rights was invested for the purchase of a residential flat.
