The Tribunal held that compensation received under interim court orders is contingent and does not accrue as income. Taxability arises only in the year when litigation is finally settled and the amount crystallises.
The Tribunal held that the enhanced 60% tax rate cannot apply to transactions before 01.04.2017. For AY 2017-18, unexplained cash additions relating to earlier transactions are taxable only at 30%.
ITAT ruled that an appeal cannot be rejected mechanically on alleged defects when records show compliance. The case was remanded for fresh, reasoned adjudication after proper hearing.
The issue concerned excess interest deduction claimed by inflating EBITDA through Ind-AS fair-value adjustments. ITAT held that the AO made no enquiry on this critical computation, making the assessment erroneous.
The issue was whether a later retraction could override an admission made during search proceedings. ITAT held that a clear statement under section 132(4) has high evidentiary value and cannot be nullified without strong proof.
ITAT Hyderabad held that trade advance given to goldsmith for making gold jewellery and excess amount paid has been received back in cash. The same cannot be added under section 68 of the Income Tax Act as unexplained cash credit. Accordingly, addition u/s. 68 is directed to be deleted.
The ITAT held that a penalty under Section 271D cannot survive without recorded satisfaction by the Assessing Officer during pending assessment proceedings.
The Tribunal ruled that failure to formally intimate amalgamation sustained the assessment, applying Mahagun Realtors, while striking down mechanical expense disallowances.
The ITAT ruled that once profits are estimated under Section 145, further disallowances of salary or commission expenses cannot be made from the same books, emphasizing assessment consistency.
The Tribunal ruled that failure to deposit capital gains in CGAS does not bar Section 54 relief when the assessee invests in a new house within the prescribed period. The key takeaway is that substantive compliance overrides procedural lapses.
