ITAT held that, transfer of property only takes place when either possession of property is transferred or sale deed is executed and documents like unregistered ‘Banakhat’ or power of attorney are not substitute of sale deed.
ITAT Ahmedabad held that addition towards unexplained cash unsustainable as cash expenses duly incorporated in books of accounts and cash book as well as cash receipts not doubted by the authority.
ITAT Ahmedabad held that addition on account of on-money received @50% is on a palpably very high side. Accordingly, the same is restricted to Gross Profit percentage i.e. 15%.
Assessee not eligible of amount of TDS deducted on amount of advance received by assessee as corresponding income was not offered to tax.
ITAT Ahmedabad TDS credit cannot be denied on the ground that corresponding turnover has been offered to tax in the earlier assessment year.
ITAT Ahmedabad held that profit earned for carbon credits is capital in nature and hence addition treating the same as revenue in nature is unsustainable in law.
ITAT Ahmedabad held that addition u/s 69 of the Income Tax Act as unexplained investment unsustainable as the investment is out of the NRI Repatriation funds came outside India and which is not taxable in India.
ITAT Ahmedabad held that the disallowances made under section 14A read with rule 8D cannot be the subject matter of disallowances while determining the net profit u/s 115JB of the Income Tax Act.
Section 155(14) provides that if any claim of TDS is left at the time of filing of income tax return and assessee subsequently comes to know of any tax deducted by a party but not informed till the date of filing of income tax return, and subsequently the said TDS is also reflected in Form 26AS, then assessee should file revised income tax return and claim TDS.
ITAT Ahmedabad held that gift items given to business associates and executives qualifies as sales promotion expenditure allowable under section 37 of the Income Tax Act.
