The issue was whether demonetization cash deposits were unexplained. The Tribunal held that deposits from recorded business sales cannot be taxed under Section 68.
The Tribunal held that receipts from sponsorship and royalty were incidental to the promotion of sports. It ruled that absence of profit motive prevented application of the proviso to section 2(15), allowing exemption under sections 11 and 12.
The Tribunal addressed disallowance arising from mismatch between ITR and tax audit report. It held that inadvertent reporting errors require verification, not outright denial of deduction.
The ITAT held that penalty proceedings are invalid where the Assessing Officer does not specify whether the charge is concealment or inaccurate particulars. The penalty was quashed due to lack of clarity and inconsistency.
The issue was whether purchases could be treated as bogus based on investigation reports. ITAT held that when documentary evidence and asset existence are proven, additions cannot be sustained.
ITAT held that once an assessee adopts a prescribed valuation method under Rule 11UA, the AO cannot change or substitute it. The ruling reinforces taxpayer autonomy in selecting valuation approaches.
The Tribunal held that mere classification of shares as penny stock is insufficient to deny LTCG exemption. In absence of evidence linking the assessee to manipulation, the addition under Section 69A was deleted.
The Tribunal held that applications were rejected without adequate opportunity. The matter was remanded for fresh adjudication following natural justice.
The Tribunal upheld cost-to-cost reimbursements for personnel and IT expenses where documentation and business purpose were established. However, advertisement expenses were disallowed due to absence of supporting evidence.
The issue was whether reassessment is valid without proper service of notice. The Tribunal held that absence of valid service makes the entire reassessment void and unsustainable.
