ITAT Bangalore dismissed Karuturi Global’s appeals due to improper verification by directors and the tax department’s appeals as infructuous due to ongoing liquidation.
ITAT Delhi held that invocation of provisions of section 40A(3) of the Income Tax Act not justifiable as income is estimated on the basis of gross profit rate. Thus, disallowance u/s. 40A(3) set aside and appeal stands allowed.
ITAT Mumbai held that Private Discretionary Trust whose income is chargeable to tax at maximum marginal rate is not leviable to pay surcharge if the slab rates are below Rs. 50 Lakhs. Accordingly, surcharge is not leviable in the present case and appeal is allowed.
ITAT Nagpur ruled that loose papers found with a third party cannot justify income addition without corroborative evidence, especially if statements are retracted.
ITAT Bangalore ruled in favor of Thejaswini Jakkaraju, allowing the Section 87A tax rebate on a revised return filed to rectify an omission in the original filing.
ITAT Pune condones delay, restores six appeals to CIT(A) for merit-based decision, citing non-compliance with Section 250(6) and assessee’s health.
Mumbai ITAT deletes ₹42 lakh ‘on money’ addition against assessee, citing tax officer’s failure to provide cross-examination and lack of independent evidence.
Mumbai ITAT dismisses appeal against assessee, citing invalid Section 148 notice due to improper sanction and lack of cross-examination in ‘on money’ case.
ITAT Bangalore reinstates Dhwani Shristi Foundation’s tax exemptions, ruling genuine charitable activities outweigh expenditure quantum for registration.
ITAT Delhi quashes reassessment for AY 2016-17, ruling the AO obtained improper sanction from Principal Commissioner instead of Principal Chief Commissioner.
