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 Tribunal accepted the assessee’s claim that the opening capital figure in the earlier ITR was wrongly reported due to omissions of FDRs and bank balances. Since the assets already existed in the preceding year, the addition under Section 68 was held unsustainable.
ITAT Delhi deleted penalties imposed for alleged cash transactions after holding that the electronic evidence relied upon by the Revenue was inadmissible in law. The Tribunal observed that mandatory procedures relating to digital evidence handling and chain of custody were not properly followed.
The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits when the investment was made within the prescribed time. Deduction was allowed despite non-delivery of possession.
ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiating penalty proceedings cannot survive independently. The Tribunal relied on the Supreme Court ruling in Jaya Lakshmi Rice Mills.
ITAT Chennai held that the assessee was denied reasonable opportunity when the CIT(A) dismissed the appeal in limine without permitting correction of technical defects in the condonation petition. The matter was restored for fresh adjudication.
The Tribunal ruled that only 8% of disputed purchases could be added where the assessee had disclosed corresponding sales and made payments through banking channels. Entire purchase disallowance was held to distort true business income.
Mumbai ITAT held that genuine outstanding trade liabilities arising from accepted business transactions cannot be treated as unexplained cash credits under Section 68. The Tribunal ruled that once purchases and expenses are accepted, corresponding creditor balances cannot be taxed separately.
The Tribunal deleted penalty levied on society charges and depreciation disallowances after finding that the claims were fully disclosed in books and audited financial statements. It held that ad hoc disallowances alone cannot trigger concealment penalty.
Mumbai ITAT held that granting only seven days for compliance before dismissing an appeal violates principles of natural justice. The Tribunal restored the Section 69C addition matter for fresh adjudication after finding inadequate hearing opportunity.
The ITAT held that credits received in the assessee’s bank account were repayments of earlier advances and not unexplained cash credits. The Tribunal deleted the addition after finding that the transactions were supported by bank records and financial documents.
