ITAT Mumbai quashed reassessment as approval under Section 151 was obtained from the wrong authority. Notice under Section 148 held invalid, making entire proceedings void ab initio.
The Tribunal dismissed the challenge to reassessment proceedings as no arguments were presented by the assessee. The ruling highlights that absence of pleadings can lead to automatic rejection of grounds.
The Tribunal held that recorded sales forming part of turnover cannot be treated as unexplained cash credits. The key takeaway is that taxing gross sales again is impermissible in law.
ITAT Mumbai held that rejection of registration under section 12AB of the Income Tax Act treating receipts and income from sale of agro and Gaushala products as commercial without examining the receipts being incidental and ancillary is not justifiable. Accordingly, matter restored to file of CIT(E).
The case addressed disallowance of interest under Section 57 for lack of nexus. The Tribunal allowed the deduction, holding that consistency in earlier years and increased investments justified the claim.
The Tribunal held that mere non-payment or expiry of limitation does not amount to cessation of liability. In absence of actual benefit or remission, addition under Section 41(1) was deleted.
The issue was whether delay in cheque clearance attracts TDS interest. ITAT held that payment date is the cheque tender date, and no interest is leviable if submitted within due date.
The issue involved large unsecured loans without full supporting evidence. ITAT held that identity and creditworthiness were not properly established and sent the matter back for fresh verification.
ITAT Mumbai held that with respect to benchmarking of export transaction, foreign Associated Enterprise [AE] can be chosen as tested party since AE possess the least complex functional analysis. Accordingly, transfer pricing adjustment not justifiable.
The Tribunal held that where registration is delayed, the stamp duty value on the agreement date must be considered. The ruling applies the beneficial proviso to Section 50C retrospectively.
