Income Tax appeal dismissed. Tribunal upholds CIT(A)’s order allowing 8% profit estimation on Kirana store turnover against unexplained bank deposits.
ITAT Lucknow sets aside NFAC order on ₹43 lakh cash deposit addition, remands case for fresh hearing on merits, citing natural justice.
Lucknow ITAT rules Bright Land College eligible for charitable exemption despite return filing error, citing Gujarat High Court precedent on application of income.
ITAT Lucknow rules audit fee provisions are not allowable unless liability accrues; EPF disallowance sent back for verification.
ITAT Lucknow overturns CIT(A) order in Bhavan Ravat’s case, citing lack of fair hearing and directs a fresh assessment with reasonable opportunity.
ITAT Lucknow rules that additions under Section 68 require incriminating evidence. ₹2 crore cash credit addition against Ocean Dream Infrastructures is deleted.
ITAT Lucknow upholds denial of Section 54 exemption as investment in new property was made after the due date. Cites judicial precedents in support of ruling.
Where payment made to foreign entities by way of retainership fee did not result in commensurate business in USA in the year relevant to assessment year 2008-09, it did not imply that the expenditure incurred was not for the purpose of the assessee’s business. AO was directed to delete the addition of Rs.64,88,451/- by observing that the expenditure was disallowed u/s 14A.
ITAT Lucknow held that addition by calculating sales on hypothetical basis and completely ignoring various evidences submitted during course of assessment proceedings is unjustifiable. Accordingly, appeal allowed and addition is deleted.
ITAT Lucknow quashed assessments in Shri Navin Jain vs. DCIT, citing mechanical approval under Section 153D. Read key details and legal findings.
