The ITAT Indore accepts peak credit theory in Kamal Chand Sisodiya Vs ITO, stating past savings can explain cash deposits, limiting unexplained income.
ITAT Indore partly upheld disallowance of cash payments under Section 40A(3, affirming Rs. 1.14 crore in disallowed transactions for the year 2014-15.
ITAT Indore remands Real Food Agency Pvt Ltd case to CIT(A) for proper adjudication, citing inadequate opportunity for hearing and procedural issues.
The ITAT Indore remanded Amit Vyas’ appeal back to CIT(A) due to procedural delays, allowing reconsideration of unexplained cash deposits and assessment orders.
ITAT Indore remands case of District Organiser Tribal Welfare Bhopal vs. ITO for incorrect TDS calculations and procedural delays. Read the full judgment summary.
Assessee-partnership firm had filed its income tax return declaring income. The case was selected for limited scrutiny, focusing on the issues such as investment in immovable property and share capital/other capital.
ITAT Indore held that rejection of appeal by CIT(A) on the footing of non-payment of advance tax as required by section 249(4)(b) untenable as payment of advance tax is not applicable in case of reassessment proceedings.
ITAT Indore held that rate of interest on secured loan from banks cannot be compared with the rate of interest on unsecured loan. Accordingly, disallowance of interest u/s. 40A(2)(b) of the Income Tax Act deleted.
ITAT Indore rules in Asha Rani Pandya Vs DCIT/ACIT that filing Form 67 for claiming Foreign Tax Credit (FTC) is a directory requirement, not mandatory.
ITAT Indore dismisses revenue appeals in ITO Vs. M.P. Police Sakh Sahakari Sanstha Maryadit due to low tax effect, citing CBDT Circular No. 5/2024 eliminating audit objections.
