Income Tax : ITAT held that where sales are not disputed, entire purchases cannot be disallowed. Only 15% profit element was taxed, reinforcing...
Income Tax : The Tribunal quashed reassessment proceedings as they were based on a mere change of opinion without any fresh tangible material. ...
Income Tax : The issue involved levy of late fees on TDS returns processed before statutory amendment. The Tribunal held that absence of enabli...
Income Tax : The Tribunal held that valuation without giving the assessee an opportunity to object violates natural justice. It remanded the ma...
Income Tax : The Tribunal condoned delay due to reasonable cause and addressed valuation mismatch. It remanded the issue for DVO-based reassess...
ITAT Mumbai set aside orders taxing a money changer’s Rs.219 crore turnover, holding that neither u/s 68 addition nor arbitrary profit estimation is valid without verifying recreated books.
The ITAT set aside the crore addition, ruling that lower authorities acted mechanically by rejecting detailed evidence like invoices, bank statements, and vendor confirmations. The Tribunal mandated a remand, emphasizing that suspicion is not a valid basis for disallowance when substantial documentary proof is on record.
Mumbai ITAT clarified that perpetual leasehold rights are equivalent to ownership for the purpose of a specified agreement” under Section 45(5A)/194-IC, requiring 10% TDS on JDA monetary payments.
ITAT Mumbai dismissed the Revenue’s appeal, ruling that a genuine business loss from penny stock trading, supported by contract notes and demat records, cannot be disallowed based solely on a third-party statement or generic investigation report.
The Tribunal ruled that the crore addition, made solely because the assessee’s petrol pump was allegedly unauthorized to accept SBNs, was incorrect. Since the cash deposits were sourced from historical, recorded cash sales accepted by the AO, taxing the deposits again would constitute impermissible double taxation.
The ITAT confirmed the penalty levy, ruling that a subsequent rectification order allowing carry-forward losses doesn’t affect the penalty base. Penalty is tied to the tax evaded on the additions confirmed by the appellate body ( crore), not the final assessed income.
The ITAT deleted the addition, ruling the CIT(A)’s rejection of agricultural income based solely on bank deposits not tallying bill-to-bill was arbitrary and illogical. Once the genuine agricultural activity was accepted, timing differences or cash accumulation must be considered.
The ITAT deleted a capital gains addition, ruling that the use of an individual’s PAN during a property sale cannot legally override clinching documentary evidence proving ownership by an HUF and a Trust. Legal ownership (Will, sale deed, bank receipts) prevails over a mere technicality.
The ITAT Ahmedabad remanded Dhananjay Tradelink Pvt. Ltd.’s case for fresh assessment, directing the AO to reverify ₹14.39 crore in unsecured loans and creditors under Section 68.
ITAT Chandigarh holds Rs.25 lakh leave encashment limit prospective (w.e.f. 01.04.2023), restricting a PSU retiree’s exemption claim for AY 2021-22 to Rs.3 lakh under S. 10(10AA)(ii)
