ITAT Delhi rules that royalty income, uncertain in collection, cannot be taxed merely due to TDS deduction. Real income theory and AS-9 prevail.
ITAT Delhi sets aside CIT(A) order, remanding Amit Gupta’s reassessment case for fresh review of Section 54F deduction and validity of Section 147 reopening
ITAT Mumbai dismisses Cable & Wireless India’s appeal, ruling it non-maintainable as the assessee bypassed the first appellate authority (CIT-A).
The ITAT Raipur ruled in favor of Kuldeep Jiwan Mahant, deleting an addition made under Section 68 for cash deposits, citing bank passbooks are not “books” for this section.
ITAT Kolkata rules in favor of Cygnus Developers, accepting share application money as genuine, citing investor company tax assessments and judicial precedents.
ITAT Bangalore allows Section 54F deduction for Ramaiah Dorairaj, ruling that direct investment in a new house within the period overrides non-deposit in Capital Gains Scheme.
ITAT Mumbai rules in favor of Cable and Wireless, holding that allocating shared employee costs based on headcount is a valid method, overturning the tax officer’s order.
ITAT Indore held that retrospective cancellation of registration granted under section 10(23C)(vi) of the Income Tax Act invalid. Amendment brought in statute via Finance Act, 2022 is prospectively effective from 01.04.2022.
Higher profit per se cannot lead to the conclusion that there is arrangement between the parties. The concept of PLI cannot per se be applied to hold that assessee has earned higher profit
ITAT Delhi held that revision under section 263 of the Income Tax Act not justified as PCIT failed to demonstrate that assessment order was erroneous and prejudicial to the interest of revenue. Accordingly, revision order quashed.
