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 issue was whether late filing of Form 67 bars foreign tax credit under DTAA. ITAT held that FTC is a substantive right under section 90 and cannot be denied for a procedural delay.
The AO relied on human probability, abnormal price movement and third-party material. ITAT held that without direct evidence against the assessee, LTCG cannot be branded sham.
The assessee sought to contest an EPF/ESI disallowance arising only from CPC processing. ITAT ruled that issues from 143(1) must be challenged independently, not through a 143(3) appeal.
The Tribunal ruled that cash deposited from recorded demonetisation-period sales cannot be treated as unexplained when books and VAT turnover are accepted. Suspicion without evidence cannot justify section 69A additions.
The issue was whether filing ITR-7 instead of ITR-5 justified blanket disallowance of expenses. ITAT held that wrong ITR selection is a procedural lapse and cannot wipe out genuine expenditure.
The AO passed a rectification order while the core section 50C addition was pending fresh adjudication. ITAT ruled that such parallel adjudication leads to inconsistency and must be avoided.
The Tribunal held that AIR-triggered reopening and additions cannot stand where an NRI explains investments with foreign remittance evidence, and remanded the case for fresh verification.
The ITAT held that a notice under Section 143(2) issued by a non-jurisdictional AO invalidates the entire assessment. Jurisdictional defects cannot be cured later, making the assessment void from inception.
The assessee could not respond to notices due to death during proceedings. ITAT ruled that bona fide non-compliance cannot override documentary evidence that fully explains the source of cash deposits.
The tribunal ruled that a penalty under section 271(1)(c) cannot stand when the quantum addition forming its basis is deleted. The key takeaway is that penalty proceedings automatically fail without a surviving assessment addition.
