The Tribunal held that additions for cash deposits and property purchase were sustained without considering key bank records. The matter was sent back for fresh verification.
The Tribunal held that additions made by treating real estate receipts as capital gains required fresh verification. The case was remanded as the earlier order failed to examine the assessee’s claim of business income under section 44AD.
Tribunal held that interest disallowance for non-deduction of TDS must be restricted to 30% under amended provisions. It also remanded issue of estimated interest on interest-free advances for verification.
The ITAT Nagpur set aside an addition made under Section 40(a)(ia), holding that non-deduction of TDS on capital expenditure does not attract disallowance since it is not claimed as an expense.
The tribunal remanded the appeal to the Commissioner after the penalty for furnishing inaccurate particulars was affirmed. The assessee is now granted a fresh opportunity to submit documents and respond, ensuring substantial justice.
ITAT Nagpur set aside a tax addition of ₹15 lakh under Section 68 against Annuva Infrastructure Pvt. Ltd., ruling that the company had sufficiently discharged its burden by providing comprehensive documentation, including bank statements and confirmations, to prove the share capital transaction was genuine.
The Tribunal sent the case back to the Assessing Officer after finding that documents proving investment sources and expenses were not examined earlier. Matter remanded for fresh adjudication after affording hearing.
Nagpur ITAT remanded Vijay Peshane’s appeal to the CIT(A) for fresh review of addition under Section 6a9A. The assessee claimed miscommunication led to a failure to appear before the appellate authority.
ITAT Nagpur held that addition under section 43CA of the Income Tax Act unwarranted since difference between actual sale price and valuation as per DVO is within tolerance band of 10%. Accordingly, entire addition is directed to be deleted.
ITAT Nagpur held that deduction under section 80P(2)(a)(i) of the Income Tax Act admissible in case of interest earned from fixed deposit with bank. Accordingly, deduction claimed by the assessee is allowed by deleting the addition.
