Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
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 Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Nagpur held that a 50-year lease is not a transfer under Section 2(47)(vi) where the transaction is only a lease and not an a...
Income Tax : ITAT Ahmedabad allowed Section 10(10B) exemption on BSNL VRS compensation, following coordinate bench rulings despite no claim in ...
Income Tax : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, including contradictory sale notes and payment receipts. The Tribunal held that the assessee failed to establish the genuineness of the underlying share transactions.
ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under Section 64(1)(iv). The matter was remanded to verify the actual quantum of eligible losses.
The Delhi ITAT concluded that the assessee had discharged the burden of proving the three essential ingredients required under Section 68. The Revenue failed to demonstrate that the funds originated from the assessee itself. The decision resulted in the deletion of the entire addition relating to share capital and premium.
The ITAT Ahmedabad held that proportionate interest disallowance cannot be sustained without establishing a direct nexus between borrowed funds and interest-free advances. The Tribunal deleted the addition as the assessee had sufficient own funds.
The Tribunal held that cash deposits linked to recorded cash sales could not be taxed again under Section 68, as doing so would amount to impermissible double taxation.
The Tribunal ruled that the Assessing Officer erred in applying a 6% net profit rate without examining comparable cases engaged in the same line of business. The decision highlights the necessity of objective criteria while estimating profits after rejection of books.
The Tribunal held that interest earned from surplus funds deposited with banks qualifies for deduction under Section 80P(2)(a)(i). Prudent deployment of business funds does not alter the nature of the income.
ITAT Pune held that Foreign Tax Credit cannot be denied merely because Form 67 was filed after the prescribed due date. The Tribunal ruled that filing Form 67 is a procedural requirement and cannot override the substantive right to FTC under the DTAA.
The ITAT Agra declined to condone an extraordinary delay of 2,799 days in filing the quantum appeal, holding that the explanation regarding non-service of the appellate order did not constitute sufficient cause. The appeal was dismissed in limine.
ITAT Pune ruled that investments in mutual funds and tax-free bonds should not form part of the investment pool for Rule 8D(2)(ii) calculations. The Assessing Officer was directed to verify the details and recompute the disallowance. Both appeals were partly allowed for statistical purposes.
