ITAT Indore rules surrendered excess stock found during survey is business income, not unexplained investment under Section 69B, thus bypassing Section 115BBE higher tax rates.
ITAT Indore rules excess stock surrendered during survey by Suresh Aluminium is business income, not unexplained, directing normal tax rates. Cites key precedents.
ITAT Indore held that addition under section 68 of the Income Tax Act, after rejection of books of accounts under section 145, by the AO is not justifiable in law. Accordingly, AO is directed to delete the addition.
ITAT Indore deleted Rs. 70.13 lakh investment addition, ruling source of funds sufficiently explained, overturning part of CIT(A) order.
Assessee claimed deduction of IMC Transfer Expenses, City Environment Expenses, Contribution and Aid Expenses, Land Acquisition and Diversion Expenses which the AO disallowed the same.
ITAT Indore partly allows Saaras Agro’s appeal, ruling on Section 69 and 115BBE additions. Key judicial precedents and CBDT circulars cited.
CIT(E) was not justified in denying assessee’s applications for final registration u/s 12AB / final approval u/s 80G as assessee had done only charitable activities till now and not undertaken any activity contemplated by object No. 2 & 3.
The assessee-company incorporated u/s 8 of the Companies Act, 2013 claiming to be for charitable purpose, applied to CPC for grant of provisional registration u/s 12AB and provisional approval u/s 80G, which were granted by CPC.
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.
