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The ITAT Kolkata found that the assessees share capital remained unchanged throughout the year and no fresh capital was received. As a result, the addition under Section 68 for alleged unexplained share capital was deleted.
ITAT Delhi held that a bad debt deduction cannot be denied once the debt is validly written off in the books of account. The Tribunal ruled that proof of actual irrecoverability was not required in view of CBDT circulars and judicial precedent.
The ITAT Delhi deleted a long-term capital gains addition based on entries in a third-party seized diary. The Tribunal relied on earlier final orders in related cases where the same diary was found to lack evidentiary value.
ITAT Delhi accepted the assessee’s contention that disallowance under Section 14A cannot exceed exempt income. The ruling restricted the addition to the exempt income of ₹2.63 lakh despite a higher Rule 8D computation.
The High Court held that the statutory requirement of issuing a draft assessment order could not be bypassed by issuing a final order accompanied by tax demand and penalty proceedings.
he Tribunal held that accepted on-money receipts from earlier years could partly explain cash deposits made during the demonetisation period. It granted telescoping relief for 50% of the disputed addition under Section 68.
The ITAT Delhi held that LTCG exemption could not be denied merely because the shares were classified as a penny stock. The addition was deleted as the Revenue failed to produce evidence linking the assessee to price rigging, entry operators, or manipulation activities.
The Tribunal held that a residential unit does not lose its residential nature merely because it is located within a building housing a nursing home. Proportionate exemption under Section 54F was therefore allowed.
Tribunal held that reassessment beyond three years was not permissible where alleged escaped income was only ₹38 lakh. Since statutory threshold of ₹50 lakh was not met, reassessment was quashed.
The Delhi ITAT deleted an addition of ₹2.32 lakh on 40 grams of gold bullion after granting the benefit of CBDT Instruction No. 1916. The Tribunal held that the assessee was entitled to relief considering the prescribed jewellery limits and supporting evidence.
