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...
The Mumbai ITAT ruled that TDS credit cannot be denied if the amount is correctly reflected in Form 26AS, directing the tax authorities to allow the claim.
The ITAT dismisses a taxpayer’s claim for expenses against income disclosed during a survey but sets aside the application of a higher tax rate on the same income.
Pune ITAT deletes disallowance of cash-based remuneration to partners and salaries to employees, finding no legal bar or evidence of inflated expenses.
Mere involvement in a flagged scrip, in absence of concrete evidence of manipulation or unaccounted funds, could not justify taxing bonafide transactions. Therefore, the additions under sections 68 and 69C were unsustainable.
ITAT Surat sets aside an ex-parte order, mandating a fresh hearing for Anupam Syal on a ₹11 lakh tax addition. The ruling emphasizes natural justice and procedural fairness.
The ITAT Patna has set aside an income tax order, remanding the case of Waseem Alam back to the ITO. The tribunal granted the assessee a new opportunity to provide documents.
The ITAT Ahmedabad dismissed the tax department’s appeal, ruling that cash withdrawals of ₹8.89 crore were not unexplained. The tribunal upheld the assessee’s claim that the cash was used for business payments, as the tax officer had accepted the corresponding sales.
ITAT Mumbai remitted matter of taxability of industrial promotion subsidy back to CIT(A) for de novo meritorious adjudication as details and documents demanded thereon were not furnished by the assessee.
Assessee-company was traded in electric security equipment systems and filed its income return declaring NIL income after setting off unabsorbed depreciation.
ITAT Mumbai held that interest on delayed VAT/GST and penalties for export obligation defaults are deductible u/s 37(1). However, loss on sale of assets was treated as short-term capital loss and could not be set off against business income.
