The case examined whether exchange data alone could justify taxing alleged commodity profits. The Tribunal ruled that once the broker admits wrong PAN mapping and identifies the real trader, the addition cannot survive.
The issue was whether late filing of Form 67 bars foreign tax credit under DTAA. ITAT held that FTC is a substantive right under section 90 and cannot be denied for a procedural delay.
The AO made a ₹90 lakh addition under section 68 despite the case being under limited scrutiny. ITAT held that crossing the approved scope renders the addition and assessment void.
The ITAT held that the proviso to Section 68 requiring proof of source of source applies only from AY 2013–14. Since the year involved was AY 2008–09, the ₹32.04 crore share capital addition was deleted as legally unsustainable.
The ITAT held that reassessment based only on Investigation Wing inputs, without independent application of mind, is invalid. Since reopening itself failed, the Section 68 share capital addition could not survive.
The ITAT ruled that an inadvertent mistake in selecting the assessment year while filing Form 10AB cannot defeat an existing valid registration. Mechanical rejection without record verification was held unsustainable.
The ITAT held that a notice under Section 143(2) issued by a non-jurisdictional AO invalidates the entire assessment. Jurisdictional defects cannot be cured later, making the assessment void from inception.
The assessee could not respond to notices due to death during proceedings. ITAT ruled that bona fide non-compliance cannot override documentary evidence that fully explains the source of cash deposits.
The issue was whether cash salary and commission payments attracted disallowance under section 40A(3). The ITAT held that since each payment was below the per-day statutory limit, the disallowance of ₹2.75 crore was unsustainable.
Indian City Properties Limited Vs PCIT (ITAT Kolkata) The Tribunal held that the invocation of Section 263 on the proposal of the AO is not sustainable under the Act, as the PCIT failed to independently apply his mind and record satisfaction of the twin conditions. The assessment was completed under Section 143(3) r.w.s. 144B after […]
