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 found that advances of ₹50 lakh each were duly recorded, confirmed, and repaid. With no unexplained credit involved, the addition of ₹90 lakh was deleted and the appeal allowed.
Holding that the search team did not examine the source of cash properly, the Tribunal directed bifurcation of penalty—30% on declared income and 60% on unexplained income.
The Tribunal held that the scope of enquiry at the registration stage is limited to objects and genuineness of activities. The application was remanded after the trust undertook to delete clauses permitting overseas fund use.
Observing that the assessee invested the entire share of sale proceeds within two years and obtained possession, ITAT Pune allowed Section 54B exemption. The addition under Section 69A was consequently deleted.
ITAT Mumbai held that securitisation trusts, cannot be assessed as an AOP, are revocable within the meaning of section 63 of the Income Tax Act and hence income is not taxable in the hands of trust. Accordingly, the appeal of the revenue is dismissed.
The Tribunal held that year of acquisition is determined by payment and handing over of possession under Section 2(47)(v), not by later registration date. Earlier CII was allowed for capital gains computation.
The Tribunal held that after submission of primary creditor details, the burden shifted to the AO to disprove the claim. The case was remanded to ensure fair opportunity and proper inquiry.
The Tribunal condoned a 298-day delay in filing appeal, holding that substantial justice must prevail over technicalities. It deleted additions on exempt gratuity and commuted pension, ruling they cannot be taxed as salary.
The Tribunal held that mere booking of flats and receipt of token advances do not justify revenue recognition under the Percentage Completion Method without legally enforceable agreements.
The ITAT held that an assessment and appellate order passed without effective participation, allegedly due to notices sent to a wrong email address, must be set aside and remanded for fresh adjudication.
