ITAT Mumbai deletes disallowance on related party payments (40A(2)(a)) and upholds commission to MD (36(1)(ii)) for Nat Steel Equipment Pvt Ltd
The ITAT Delhi has nullified a tax assessment against SEH Realtors Pvt. Ltd., ruling that the Section 153D approval was granted mechanically without due application of mind.
ITAT Mumbai held that as per previous provisions of section 68 of the Income Tax Act applicable till 31st March 2013, the assessee was not required to explain the source of money provided by the creditors.
ITAT Amritsar held that addition on protective basis in the hands of assessee not justified as bank account is fraudulently opened in his name without the assessee’s knowledge. Accordingly, appeal of assessee allowed and addition directed to be deleted.
ITAT Ahmedabad held that taxing entire unaccounted cash receipts or on-money receipts not justified as only profit embedded in such receipts is taxable. Accordingly, AO directed to adopt 13% profit margin on real estate business and tax accordingly.
ITAT Hyderabad held that addition under section 69 of the Income Tax Act towards unexplained investment sustained since documents seized is incriminating in nature. Accordingly, appeal of assessee dismissed.
Ahmedabad ITAT rules in favor of Sudhirbhai Pravinkant Thaker, deleting cash addition, stating previous bank withdrawals can be source of later deposits if not utilized elsewhere.
Delhi ITAT deletes Section 69A cash additions against senior citizens Nand Kumar Taneja and Nita Taneja, citing disclosed income and recorded cash-in-hand.
Mumbai ITAT rules for Larsen & Toubro, quashing reassessment notices for AY 2014-15 & 2015-16. Notices found time-barred based on SC’s Rajeev Bansal ruling.
ITAT Mumbai sets aside reassessment for advocate Nilanjana Arvinder Singh (AY 2013-14, 2014-15), ruling Section 148 notices time-barred. Decision follows Supreme Court’s Ashish Agarwal and Rajeev Bansal rulings on reassessment limitation.
