ITAT Chennai held that penalty under Section 271(1)(c) cannot survive when the AO accepts the income declared in the return filed under Section 148.
ITAT Chennai held that the assessees bona fide belief, based on the Departments consistent acceptance of interest income as Income from Other Sources, amounted to reasonable cause under Section 273B. The penalty under Section 271B was deleted.
ITAT held forex loss from ECB and capital transactions is non-operating for TP purposes and directed recomputation of PLI.
ITAT Chennai held that inclusion of taxable long-term capital gains in total income does not disentitle an assessee from claiming Section 87A rebate for AY 2024-25. The Assessing Officer was directed to grant the rebate and recompute the tax liability.
ITAT upheld taxation of IPS and CEV subsidies following the Section 2(24) amendment, while partly allowing the appeal on other issues.
ITAT held the assessment time-barred as the AO failed to pass the final order within the mandatory timeline under Section 144C(13).
ITAT held that stamp duty paid for lease registration was deductible as revenue expenditure in the year it was incurred.
The Tribunal upheld the set-off of eligible unit losses against other business profits by following binding judicial precedents.
The Tribunal allowed 60% depreciation and deleted TDS disallowance after distinguishing a copyrighted article from copyright.
ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition to the amount supported by evidence.
