The Tribunal held that the assessee had adequately explained the source of cash deposits with supporting evidence. Addition under Section 69A was deleted as the AO failed to rebut the explanation.
The tribunal ruled that reliance only on an investigation report without independent evidence cannot justify treating LTCG as bogus. Additions under Section 68 and commission were deleted.
ITAT Mumbai held that payments made to third-party vendors on a cost-to-cost basis, without any value addition by the assessee, should be treated as pass-through costs and excluded from PLI computation.
The Tribunal upheld disallowance of deduction where donations were routed back to donors through layered transactions. The key takeaway is that non-genuine donations do not qualify for tax deduction.
The Tribunal held that FTC claims cannot be rejected solely due to incomplete foreign tax return filing. The key takeaway is that authorities must verify available and subsequent evidence before denying relief.
The issue was whether third-party diaries using code “DD” can justify 153C action. ITAT held that without clear identification and corroboration, such evidence is insufficient and proceedings are invalid.
The issue was whether stamp duty value of redevelopment property is taxable without possession. ITAT held that Section 56(2)(x) applies only on actual receipt, so no tax arises without possession.
The issue was whether delay in filing appeal can be condoned when assessment order was not served. ITAT held that non-service constitutes sufficient cause, requiring fresh adjudication on merits.
The Tribunal held that interest earned from co-operative banks qualifies for deduction under Section 80P(2)(d). It clarified that co-operative banks are to be treated as co-operative societies. The ruling resolves disputes on eligibility of such income.
ITAT ruled that selling and distribution expenses cannot form part of work-in-progress. Such costs do not contribute to inventory creation and must be treated as revenue expenditure. The decision reinforces accounting standards in tax treatment.
