The ruling clarifies that TDS must be deducted at the time of credit, even if amounts are booked as provisions. Merely claiming that no payment was made does not excuse non-deduction.
The issue was whether revision could be invoked during a pending appeal. ITAT held that PCIT lacks jurisdiction once the matter is before CIT(A).
ITAT held that when the same property valuation has been accepted in co-owners’ cases, a contrary view cannot be taken for another co-owner. Consistency in tax treatment is mandatory.
The issue was whether stamp duty value on the agreement date could replace the registration-date value for section 56 additions. The Tribunal remanded the matter for verification of the claimed earlier payment. Key takeaway: benefit of the proviso depends on proving the agreement and payment date.
The AO issued reassessment notices during the post-Ashish Agrawal transition phase. Applying later Supreme Court law, the ITAT held AY 2015-16 is beyond the permissible reopening period.
ITAT Surat held that addition on account of bogus Long Term Capital Gain under section 68 of the Income Tax Act is not sustainable since the impugned scrip i.e. Kyra Landscapes Ltd. is not in the list of shares in the investigation report in case of project bogus LTCG/STCL. Accordingly, appeal of department dismissed.
The ITAT accepted that repayment strengthens genuineness under section 68. Unrepaid loans with missing financial details were sent back for fresh verification.
ITAT Surat struck down a 50% turnover-based income estimation, applying Section 44AD to compute actual presumptive profit at 8%. Key takeaway: AO cannot inflate income without legal basis.
The issue was whether interest earned from a co-operative bank qualifies for deduction under Section 80P(2)(d). The Tribunal held that such interest is deductible, as a co-operative bank is itself a co-operative society.
The ITAT held that additions based on incorrect and unreconciled bank data cannot be sustained. The assessment was remanded for fresh verification of actual cash deposits and credits.
