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...
ITAT held that vacant unsold flats attract tax on notional rent under house property. The key takeaway is that ownership triggers taxation even without actual rental income.
The tribunal ruled that unverified claims of cash payments based on third-party material cannot justify tax additions. It emphasized that evidence must directly implicate the taxpayer.
The issue was whether penalty for bogus purchases was justified. The Tribunal held that concealment through non-genuine purchases attracts penalty, confirming the levy.
The issue was validity of reopening beyond the limitation period. The Tribunal held the notice issued after the prescribed time was invalid, and quashed the entire reassessment.
The issue was whether income from sale of foundation seeds qualifies as agricultural income. The Tribunal held that such activities involve basic agricultural operations and allowed exemption under Section 10(1).
The issue was addition of cash deposits during demonetisation as unexplained income. The Tribunal held that the assessee’s explanation supported by affidavit was credible, leading to deletion of the addition.
The tribunal dismissed the appeal as the assessee failed to appear and substantiate claims despite multiple opportunities. It emphasized that procedural non-compliance weakens legal claims.
The issue was denial of deduction under Section 54F as a fresh claim not made in return. The ruling remanded the matter, holding such claims can be examined if supported by facts.
The issue was whether full bank deposits of a commission agent can be taxed as unexplained income. The ruling held only commission income taxable, with 8% estimation upheld as reasonable.
The issue was whether reassessment beyond 3 years is valid when escaped income is below ₹50 lakh. The ruling held such notice invalid under Section 149, and the key takeaway is strict adherence to limitation rules.
