Income Tax : The Tribunal held that taxing total gross winnings without examining expenditure and loss components violates principles of fairne...
Income Tax : The Tribunal held that additions under Section 69 cannot be sustained when based solely on third-party statements and unverified e...
Income Tax : ITAT held that a portion of cash paid could reasonably be sourced from accumulated withdrawals from joint bank accounts. The remai...
Income Tax : The Tribunal held that assumption of jurisdiction under Section 153C was invalid due to a defective and consolidated satisfaction ...
Income Tax : The Tribunal held that reassessment proceedings fail when the Assessing Officer abandons the issue forming the basis of reopening....
It was ruled that substituting sale consideration with stamp duty value during CPC processing is impermissible. Such action deprives taxpayers of the statutory right to seek DVO valuation.
The Tribunal ruled that dismissing appeals in limine without examining reasons for delay was improper. It restored the matters for fresh consideration, stressing that procedural lapses should not defeat substantive justice.
The tribunal held that the reassessment notice issued by relying on COVID-era extensions was invalid due to procedural lapses. As a result, the entire reassessment and addition were set aside.
Cash deposits arising from routine business collections cannot be wholly treated as unexplained income. The ruling confirms that estimations must reflect the nature of the taxpayer’s business.
The Tribunal held that penalty under section 271(1)(c) cannot survive when the underlying addition is purely estimated. The ruling reinforces that estimation alone does not amount to furnishing inaccurate particulars.
The Tribunal upheld depreciation on goodwill arising from amalgamation, relying on Supreme Court precedent. The ruling confirms that excess consideration recognized as goodwill qualifies for depreciation under section 32.
Upholding the CIT(A)s order, the Tribunal held that settled law bars additions made without factual verification. The case reinforces strict limits on arbitrary taxation of loan transactions.
The Tribunal held that DEPB income forms part of operating export income and cannot be excluded from turnover merely on a different view. Revision under section 263 was found unjustified where the original assessment involved due application of mind.
The Tribunal held that reopening based only on generalized information about a scrip, without independent inquiry or linkage to the taxpayer, is invalid. Entire addition on alleged bogus LTCG was deleted.
The Tribunal examined whether a penalty could survive despite an allegedly vague notice. It held that since the assessment order and later notices clearly specified furnishing of inaccurate particulars, the penalty was valid.
