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 held that the reassessment notice issued by relying on COVID-era extensions was invalid due to procedural lapses. As a result, the entire reassessment and addition were set aside.
Cash deposits arising from routine business collections cannot be wholly treated as unexplained income. The ruling confirms that estimations must reflect the nature of the taxpayer’s business.
The Tribunal held that penalty under section 271(1)(c) cannot survive when the underlying addition is purely estimated. The ruling reinforces that estimation alone does not amount to furnishing inaccurate particulars.
The Tribunal upheld depreciation on goodwill arising from amalgamation, relying on Supreme Court precedent. The ruling confirms that excess consideration recognized as goodwill qualifies for depreciation under section 32.
Upholding the CIT(A)s order, the Tribunal held that settled law bars additions made without factual verification. The case reinforces strict limits on arbitrary taxation of loan transactions.
The Tribunal held that DEPB income forms part of operating export income and cannot be excluded from turnover merely on a different view. Revision under section 263 was found unjustified where the original assessment involved due application of mind.
The Tribunal held that reopening based only on generalized information about a scrip, without independent inquiry or linkage to the taxpayer, is invalid. Entire addition on alleged bogus LTCG was deleted.
The Tribunal examined whether a penalty could survive despite an allegedly vague notice. It held that since the assessment order and later notices clearly specified furnishing of inaccurate particulars, the penalty was valid.
The Tribunal held that additions under Section 68 could not be sustained where no incriminating material was found during search. Documentary evidence proving the loan’s genuineness was accepted.
The issue was whether cash deposited during demonetisation could be treated as unexplained. The Tribunal held that when sales are supported by available stock and recorded books, cash receipts from such sales cannot be added under Section 68.
