ITAT Jaipur addresses depreciation, loan interest, business promotion, and salary expense disallowances in Ahluwalia Erectors case. Read key judgments and analysis.
ITAT Mumbai overturns Rs. 33 lakh addition under Section 69 in Aarti Sudarshan Soni vs. ITO, citing lack of evidence for alleged on-money property payment.
ITAT held that the Allotment of New Flat did not fall within the scope of Section 56(2)(x), as the new flat was received in exchange for the old one and not as a gift or at inadequate consideration.
ITAT Jaipur quashes PCIT order revising assessment of Auro Iron, citing insufficient inquiry and overreach on reassessment grounds.
ITAT Jaipur held that assessee just needs to establish that the amount has come from the bank account of the cash-creditors. Assessee is not required to prove the source of the amount in the bank accounts of the cash creditors. Thus, addition u/s. 68 deleted since genuineness of transaction proved.
ITAT Kolkata held that issuance of notice under section 143(2) of the Income Tax Act by non-jurisdictional Assessing Officer renders assessment bad-in-law. Thus, assessment order is bad-in-law and hence liable to be quashed.
ITAT Mumbai held that change of method of accounting from mercantile to cash system for recording interest income on loan due to financial distress at the end of borrower is justifiable and legitimate.
ITAT Pune directs CPC, Bangalore to allow foreign tax credit despite late filing of Form 67, ruling it as a procedural requirement and not mandatory.
ITAT Ahmedabad dismisses appeals by GE Power India ex-staff, backing PCIT’s order for fresh assessment due to wrongly claimed tax exemptions on VRS.
ITAT Delhi sets aside CIT(E) order rejecting Raj Krishan Jain Trust’s 12A registration due to a typographical error, directing fresh adjudication.
