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 decision underscores that ignoring audited disclosures, ledgers, and salary records violates principles of natural justice. Once actual payment is proved, gratuity deduction must be allowed.
ITAT held that when the same property valuation has been accepted in co-owners’ cases, a contrary view cannot be taken for another co-owner. Consistency in tax treatment is mandatory.
The Tribunal held that once the assessee proves identity, genuineness, and source through documents and bank records, the burden shifts to the Revenue. Without rebuttal of evidence, addition under Section 68 cannot survive.
The Tribunal found that key evidences furnished by the assessee were not adequately considered by lower authorities. The issue was restored to ensure fair examination and compliance with natural justice.
The Tribunal ruled that penalty under Section 270A cannot stand where income is enhanced purely by estimation. Additions made by applying a higher profit rate, without incriminating material, fall outside under-reporting.
ITAT ruled that principal amounts in accommodation share entries do not constitute income of a conduit entity. Taxability is restricted to the commission earned for facilitating such transactions.
Once the cash credit addition failed, the special tax under Section 115BBE could not survive. The Tribunal deleted the entire addition, reaffirming that consequential provisions fall with the primary addition.
The issue was whether retaining both limbs of Section 271(1)(c) in the notice renders the penalty void. The Tribunal ruled that failure to strike off the inapplicable limb vitiates the proceedings. Penalties must be founded on precise allegations.
This case involved reassessment completed without serving the mandatory scrutiny notice. The Tribunal ruled that such omission is not a curable defect and invalidates the proceedings. The decision reinforces strict adherence to statutory safeguards.
The case questioned whether a cooperative banks audited expenses could be disallowed on a percentage basis for alleged non-compliance. The Tribunal ruled against arbitrary disallowance without defects in accounts.
