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 quashed reassessment proceedings after finding that the Assessing Officer already possessed complete information before issuing notice under section 148.
The ITAT held that gross bank credits cannot be treated as unexplained income where evidence shows the assessee merely facilitated transactions for a third party. Only a reasonable commission was directed to be taxed.
Addressing alleged cash discrepancies and debtor recoveries, the Tribunal held that such amounts form part of presumptive business receipts. Without books or adverse evidence, additions were unjustified.
The issue was whether unsecured loans could be added again after being accepted in prior proceedings. The Tribunal ruled that absence of new material bars reassessment on identical facts.
The dispute concerned treatment of frequent cash deposits collected from customers for recharge services. The Tribunal affirmed that income should be estimated at 8% where records and compliance were lacking.
The Tribunal held that cash routed through a bank account for money transfer activity cannot be taxed in full when only commission is earned. Once commission income is offered to tax, no further addition is justified.
Extensive remand proceedings confirmed the genuineness of share transactions and valuation. The Tribunal ruled that once evidence is verified and no defect is found, LTCL cannot be disallowed.
The Tribunal examined whether entire purchases from untraceable suppliers could be added to income. It held that only the embedded profit element can be taxed, not the full purchase value.
The tribunal held that once penalty is imposed for non-maintenance of books, a second penalty for non-audit cannot be levied. Levy of section 271B was held to be impermissible double penalisation.
The Tribunal held that when sales are undisputed, entire purchases cannot be disallowed and only the embedded profit can be taxed, upholding a 20% addition.
