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 held that entire receipts cannot be treated as unexplained when income is already offered to tax. Only unverifiable expenses can be disallowed.
The Tribunal held that the appellate authority cannot go beyond the issue of TDS credit in a section 143(1) appeal. By directing taxation of entire salary, it effectively enhanced income without proper jurisdiction. The matter was remanded for fresh examination.
The tribunal held that Renewable Energy Certificates are distinct from carbon credits under Section 115BBG and must be taxed at normal rates. The ruling emphasizes strict interpretation of concessional tax provisions.
The tribunal held that government support includes capital grants, land, and infrastructure, not just recurring funding. This broader interpretation justified exemption eligibility.
The Tribunal ruled that interest earned from mandatory bank deposits by a co-operative credit society qualifies as business income and is eligible for deduction under Section 80P.
The case involved estimated addition on agricultural income and dismissal of appeal for non-prosecution. ITAT held such dismissal invalid and ruled that arbitrary estimation without evidence cannot sustain.
The dispute concerned alleged bogus agricultural income taxed as unexplained money under Section 69A. The Tribunal set aside the addition and directed the AO to re-examine evidence before reaching a conclusion.
The case examined if failure to conduct audit permits arbitrary profit estimation. The ITAT ruled that absence of audit alone cannot justify 8% estimation when books are maintained and not rejected.
ITAT Mumbai held that deduction claimed by the assessee under section 80G of the Income Tax Act cannot be denied merely on the ground that the payment also formed part of CSR expenditure under the Companies Act.
The Tribunal held that tenancy supported by rent receipts, bills, and agreements cannot be treated as a sham. It upheld exemption under Section 54F on surrender of tenancy rights.
