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...
Mumbai ITAT held that unexplained bank credits are fully taxable under Section 68 when beneficiaries of accommodation entries are not identified. Mere claim of acting as an entry operator does not limit addition to commission income.
The ITAT ruled that customer discounts are deductible when quantified and finalised in the year of claim, even if labelled as prior-period items. The decision reinforces that timing of crystallisation outweighs book classification.
The dispute centered on whether indexation could be claimed on a factory building sold along with land. The tribunal held that once depreciation is claimed, section 50 applies, and indexation is not permissible.
The Tribunal held that an appeal cannot be dismissed for non-prosecution and must be decided on merits. The matter was remanded for fresh adjudication in compliance with statutory requirements.
The Tribunal set aside the interest disallowance after noting that the underlying loan genuineness issue was already remanded for fresh adjudication, requiring reconsideration by the Assessing Officer.
The appellate order was quashed as the appeal was dismissed solely for non-appearance without examining the grounds or recording reasons. The case was remanded for fresh adjudication in line with statutory requirements.
The Tribunal held that exemption under section 11 cannot be denied once the delay in filing Form 10B stands condoned. The Assessing Officer was directed to verify and allow the exemption in accordance with law.
The Tribunal held that relief based on additional evidence without obtaining a remand report breaches Rule 46A(3). The matter was remanded for fresh adjudication after proper verification.
The Tribunal held that interest income earned by a co-operative society from deposits with co-operative banks is eligible for deduction under Section 80P(2)(d), subject to verification of amounts.
The dispute centered on whether co-insurance administration fees required tax deduction at source. The Tribunal upheld their allowability without TDS, noting the issue was repeatedly settled in earlier years. The key takeaway is that consistent past rulings in identical facts will be followed.
