Taxing a debenture waiver as revenue income was challenged. The Tribunal rejected the approach, holding the waiver arose from capital financing and not trading operations. The ruling confirms that capital restructuring gains are not taxable by default.
The case examined whether full purchase disallowance was justified without rejecting books of account. The Tribunal held that in such circumstances, only a reasonable profit element could be added.
The issue was whether reassessment remains valid when no Section 143(2) notice is issued after a return is filed in response to Section 148. ITAT held such reassessment void, confirming that Section 143(2) is a mandatory jurisdictional requirement.
The Tribunal held that when the Assessing Officer disagrees with FMV supported by a registered valuer, a reference to the DVO is mandatory. Reliance solely on stamp duty rates was found improper, and the matter was remanded for fresh valuation.
ITAT Pune held that subsidy received from Maharashtra Government under the Package Scheme of Incentives, 2007 is to be treated as income liable to be taxed for the year under consideration. Accordingly, order of CIT(A) upheld and appeal dismissed.ITAT Pune held that subsidy received from Maharashtra Government under the Package Scheme of Incentives, 2007 is to be treated as income liable to be taxed for the year under consideration. Accordingly, order of CIT(A) upheld and appeal dismissed.
The issue was whether cash deposited during demonetisation was fully explainable from business receipts. ITAT held that explanations were partly unreliable and sustained 50% of the addition under Section 68.
The tribunal held that Section 41(1) applies only when a liability is actually remitted or ceases to exist. Mere passage of time or old outstanding balances cannot justify a deemed income addition.
Although the Revenue followed the new reassessment procedure, the notice was issued beyond the allowable time. The Tribunal set aside the reassessment as void ab initio.
The tribunal held that refusal to condone delay defeats substantial justice when reasonable cause exists. Delay was directed to be condoned and appeal heard on merits.
The Tribunal examined whether professional fees claimed were actually incurred and for business purposes. It held that absence of evidence like bank payment, TDS, and service details justified disallowance.
