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 Tribunal remanded the disallowance of PF and ESI contributions to the CIT(A) to reconsider the issue in light of the Supreme Court’s decision in Checkmate Services. The appeal was allowed for statistical purposes to ensure consistent adjudication.
The Tribunal observed that the assessee discharged its burden under Section 68 by filing confirmations, financials, and banking records of the lender. In absence of contrary evidence, the onus shifted to the Revenue. The addition was rightly deleted.
ITAT Mumbai observed that additions based solely on estimation do not establish concealment of income. Consequently, penalty under Section 271(1)(c) was deleted for both assessment years.
The Tribunal ruled that mere reliance on Sales Tax Department information and unserved notices cannot justify full addition. Since turnover and quantitative records were accepted, only estimated profit could be taxed.
The Tribunal set aside denial of exemption where authorities taxed interest and other receipts without examining eligibility under Section 11. The issue was remanded for fresh adjudication.
The Tribunal ruled that entries found in a third-party pen drive cannot justify addition without independent corroboration. Failure to allow cross-examination violated principles of natural justice, leading to deletion.
ITAT deleted ₹60 lakh addition as the Revenue relied solely on a third-party confession without independent verification. Documentary evidence such as confirmations, ITRs and bank statements discharged the assessee’s onus.
ITAT ruled that once the Assessing Officer makes no addition on the issue forming the basis of reopening, other additions cannot survive. MAT demand under Section 115JB was therefore struck down as unlawful.
The Tribunal deleted ₹2 lakh cash addition as no incriminating material directly linked the assessee to alleged on-money. Reliance solely on pen drive data and third-party statements without cross-examination was held insufficient.
Tribunal ruled that once consideration was received and possession handed over in an earlier year, subsequent registration cannot shift taxability. Revenue’s reliance on Insight Portal data was rejected.
