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 refused to admit a fresh legal challenge to reassessment raised for the first time. However, it remanded the revenue-difference addition for fresh adjudication due to natural justice concerns.
Payments made pursuant to allotment confer valuable property rights. Their relinquishment through an agreement to sell amounts to a statutory transfer, entitling the assessee to compute gains or losses under capital gains.
The tribunal ruled that cash deposits sourced from recorded cash sales and bank withdrawals were genuine. It held that partial, ad-hoc additions without rejecting books of account are unsustainable.
The Tribunal refused to send the matter back for valuation after finding a clear statutory breach. The addition was deleted outright, reinforcing strict compliance with valuation provisions.
Adjustments made through CPC were not finally upheld where the assessee raised a valid factual plea on timing of salary payment. The ruling highlights that mechanical disallowances must give way to proper verification.
The Assessing Officer inferred undisclosed loans by applying a notional interest rate to declared interest income. The Tribunal ruled that additions under section 69B cannot rest on assumptions ignoring the business model.
The Tribunal held that search-based reassessments issued beyond six assessment years are barred by limitation. Revenue appeals were dismissed as the statutory time limits could not be extended.
ITAT Bangalore held that incentive/ bonus paid to employees before due date of filing the return is allowable as deduction under the Income Tax Act. Accordingly, disallowance of expenditure incurred towards incentive payment for executive gain sharing plan not sustained.
The issue was whether an assessment could survive when statutory notices were issued in the name of a deceased person. The Tribunal held such notices invalid and quashed the entire assessment.
The issue was whether screen-based stock exchange trades can be ignored due to alleged exit providers. The Tribunal ruled that non-response of buyers and weak financials of counterparties do not invalidate genuine exchange-routed transactions.
