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 ...
ITAT Hyderabad held that deduction claimed under section 43B of the Income Tax Act supported by necessary documentary evidences is allowable. Accordingly, deduction allowed to the extent relevant evidences are furnished.
The case addressed a Rs.605 Cr addition under Section 68 for alleged bogus sales, where the AO didn’t reject the books. The ITAT remanded the matter, directing the AO to recompute income by applying the average three-year Gross Profit rate on sales, establishing that entire sales cannot be taxed as unexplained credits when books aren’t rejected.
ITAT Mumbai held that capital gains cannot be treated as unaccounted income under section 68 of the Income Tax Act since AO nowhere proved that assessee himself was involved in price rigging of any of the scrips. Accordingly, appeal of assessee stands allowed.
ITAT Visakhapatnam held that the interest on nonrecoverable loans has not been recorded by the assessee and accordingly no deduction under section 80P of the Income Tax Act was claimed. Thus, addition made thereon is liable to be deleted.
The Kolkata Income Tax Appellate Tribunal (ITAT) remanded the Section 14A disallowance made on Srivaru Agro Pvt. Ltd. The Tribunal directed the Commissioner of Income Tax (Appeals {CIT (A))to verify the availability of the company’s own interest-free funds vis-à-vis investments and the reasonableness of administrative expenses, relying on the Supreme Court’s ruling in South Indian Bank Ltd.
The ITAT Kolkata set aside the CIT(A)’s order concerning a large disallowance under Section 40(a)(ia) for non-deduction of TDS on advertising payments. The Tribunal remanded the matter, granting the agency a fresh opportunity to rely on CBDT Circulars that clarify the TDS obligations of intermediaries paying media houses.
The ITAT Rajkot significantly reduced an income tax addition made under Section 69A based on seized on-money documents lacking direct evidence. The Tribunal ruled that the entire cash component couldn’t be treated as undisclosed income, instead taxing only 8% of the disputed amount as a profit element at normal rates.
The ITAT restored the assessee’s appeal, condoning the delay because the NFAC sent crucial communications to a wrong email, thus depriving the taxpayer of an opportunity to be heard. The ruling confirms that the entire appellate proceeding becomes non-est if service of notice is flawed, and the matter must be decided afresh on its merits.
The ITAT confirmed the reopening u/s 147/148 beyond the four-year limit was valid, as information from the wife’s assessment about the joint account constituted a new and tangible reason to believe income escaped. Despite upholding the reopening, the Tribunal granted significant taxpayer relief by accepting documentary evidence for property-related transactions and reducing the addition to a minimal amount.
ITAT Raipur held that matter regarding unexplained money addition under section 68 of the Income Tax Act restored back as basic ingredients required u/s 68, i.e., identity / creditworthiness of the investors and genuineness of transactions not satisfactorily explained.
