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Income Tax : Where unaccounted sales were established through seized material, only the net profit embedded therein was liable to tax, and not ...
Income Tax : ITAT Bangalore held that additions made in an intimation under Section 143(1) cannot be disputed in an appeal against a scrutiny a...
Income Tax : Interest on delayed payment of the FM radio migration fee was a compensatory business expenditure deductible under Section 37(1); ...
Income Tax : ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : Understand the guidelines set by the Indian Ministry of Finance for the compulsory selection of returns for complete scrutiny duri...
Income Tax : CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headqua...
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Income Tax : Central Board of Direct Taxes, with approval of the Revenue Secretary, has decided to modify notice under section 143(2) of the In...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
The Tribunal held that exclusion of time for transfer of seized material applies only within the running limitation period. As the assessment was passed beyond the recalculated deadline, it was quashed as barred by limitation.
The Tribunal held that once income is declared under the presumptive taxation scheme of Section 44AD, individual cash deposits cannot be separately added. The sustained addition was set aside and deleted.
ITAT Indore held that in absence of evidence, expense on fuel cost occurred on deployment of JCB’s on rent needs to be ascertained by way of proper and detailed empirical analysis. Accordingly, matter remanded back to the file of AO.
ITAT dismissed the Revenues appeal because it did not contest the CIT(A)s ruling that the reassessment notice was legally invalid. Without challenging the jurisdictional defect, the appeal became infructuous.
The Tribunal deleted the addition sustained by the CIT(A) as it was based solely on digital data found from a third party. It reiterated that suspicion or extrapolation without direct evidence cannot sustain tax additions.
ITAT clarified that a statement recorded during search does not automatically become incriminating material. Without supporting documentary evidence, additions under Section 69A cannot survive.
The Tribunal reversed additions made towards alleged suppressed rent and bogus salary expenses. It emphasized factual consistency, business necessity, and absence of tax avoidance in granting relief to the assessee.
It was ruled that approval under Section 151 granted mechanically, with contradictory stands taken by the authority, vitiates the reopening. The reassessment was set aside for lack of proper application of mind.
The ruling confirms that transactions with banks involve third parties, defeating the identity required for mutuality. While sustaining taxability, the Tribunal permitted a 5% estimated expense deduction to compute real income.
The addition under Section 68 was deleted as capital introduced by partners is not a loan or unexplained credit of the firm. Enquiry into partners creditworthiness must be conducted separately in their cases.
