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 court set aside a rectification order passed without a DIN and beyond the statutory time limit. The ruling underscores that non-compliance with CBDT DIN rules renders such orders invalid.
The AO was directed to recompute capital gains based on DVO valuation but had ignored indexation. The Tribunal ruled that recomputation without indexation is legally impermissible.
ITAT Ahmedabad ruled that credit entries in the assessee’s account were correctly assessed, even though initial cash deposits belonged to a company, ensuring proper attribution of income.
The Revenue relied only on the builder’s settlement disclosure to tax the buyer. The ITAT held that third-party admissions, without corroboration or cross-examination, cannot fasten liability on the assessee.
Jaipur ITAT held that interest on a commercial property not used for business cannot be claimed as a business expense but is allowable under Section 24(b) from house property income.
Ahmedabad ITAT deleted Rs. 9.64 lakh addition under Section 69A, holding that only net interest income is taxable after deducting interest expenditure on borrowed funds.
The Tribunal ruled that a trust reporting a loss cannot be taxed on gross receipts. The addition by the AO was deleted, emphasizing that only net income is relevant for taxation under section 11.
The ITAT held that a reassessment notice dispatched after the new law took effect must follow Section 148A, and failure to do so invalidates the entire proceedings.
The ITAT held that professional negligence and continuous medical problems constitute sufficient cause, condoning a 261-day delay and reviving the appeal.
The dispute involved confirmation of unexplained cash deposits without granting a requested VC hearing. The Tribunal held that denial of virtual hearing violated natural justice. The matter was remanded for fresh adjudication.
