ITAT Delhi held that the approval granted u/s. 153D in the nature of a ‘technical approval’ in symbolic exercise of powers under s. 153D. Hence, the consequential assessment orders based on such repugnant approval under s. 153D is bad in law in tune with earlier years.
ITAT Ahmedabad allows appeal despite 1607-day delay citing medical hardship. Penalty u/s 271(1)(c) questioned over income assessment.
ITAT Ahmedabad held that employees’ contribution to PF/ESI after statutory due dates but before due date of filing income tax returns not allowable as deduction. Accordingly, appeal of the assessee dismissed.
ITAT Delhi held that seized document merely indicates some rates than pinpointing any specific on-money payment or receipt; as the case may be, involving the assessee. Thus, addition is liable to be deleted.
ITAT Ahmedabad cancels penalty on I-Serve Systems as disallowance was based on estimation without proof of concealment or inaccurate income details.
ITAT Delhi held that once the books of accounts are rejected, it doesn’t warrant any adhoc addition. Thus, CIT(A) rightly restricted GP @ 1% instead of 1.5% as estimated by AO. Appeal dismissed, accordingly.
ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the same is revenue expenditure. Accordingly, PCIT classifying them to be capital expenditure is not sustainable.
ITAT Indore held that addition under section 68 of the Income Tax Act, after rejection of books of accounts under section 145, by the AO is not justifiable in law. Accordingly, AO is directed to delete the addition.
ITAT Mumbai removes additions under Section 69A on alleged loan in Mangeram Sharma case due to lack of evidence and retracted statement.
ITAT Ahmedabad held that income from sale of scraps generated through production process reducing cost of product is eligible for deduction under section 80IC of the Income Tax Act. Accordingly, appeal of revenue dismissed.
