The issue was whether reassessment completed after a court stay complied with statutory timelines. The Tribunal held that limitation resumes from the date the stay is vacated, rendering the reassessment time-barred.
The Tribunal held that additions based solely on a survey statement, without corroborative evidence, are unsustainable. Development expenses were largely allowed, with only a reasonable estimated disallowance retained.
The issue was whether bank cash deposits could be treated as unexplained despite accepted cash advances. The Tribunal held that telescoping applies, deleting additions to avoid double taxation of the same source.
The Revenue challenged the appellate authoritys decision to remand an ex-parte order. The Tribunal ruled that the remand was lawful and well within statutory appellate powers.
Penalty for delayed filing of tax audit report was quashed after illness of the managing director was proved. The tribunal held that medical incapacity constituted reasonable cause under Section 273B.
The dispute involved denial of indexed interest while computing long-term capital gains. The Tribunal ruled that interest incurred wholly for acquiring an asset is deductible under Section 48.
The case examined whether vague information justified reassessment proceedings. The Tribunal ruled that absence of concrete material and nexus to escapement makes reopening without jurisdiction and liable to be quashed.
ITAT Chennai held that reassessment notice under section 148 of the Income Tax Act issued with approval of the Member of CBDT instead of Pr. CCIT is void and invalid. Accordingly, order passed under section 147 is without legal standing and hence quashed.
ITAT Chennai held that section 197(b) of the Finance Act, 2016 cannot be invoked since Form 2 as contemplated under Income Declaration Scheme not served. Accordingly, addition u/s. 69A made in assessment u/s. 147 r.w.s. 144 liable to be deleted.
The Tribunal held that where income is offered to tax on receipt basis, TDS credit must be granted in the same year despite timing differences arising from accrual-based deduction by clients.
