Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Nagpur held that a 50-year lease is not a transfer under Section 2(47)(vi) where the transaction is only a lease and not an a...
Income Tax : ITAT Ahmedabad allowed Section 10(10B) exemption on BSNL VRS compensation, following coordinate bench rulings despite no claim in ...
Income Tax : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
The dispute centered on profit estimation after reopening for suppressed turnover. The Tribunal affirmed lower NP for animal sales, recognising industry norms and assessee history. The ruling underscores tailoring estimates to trade economics.
It was ruled that money received from a parent through banking channels constitutes an explained source. The addition under Section 69A was deleted as the transaction was fully traceable.
Restoring the Assessing Officer’s findings, the Tribunal ruled that excessive salary to related directors can be disallowed when it substitutes dividend distribution. Reasonableness must be judged against comparable market remuneration.
The issue was whether Section 50 can apply when no depreciation was ever claimed or allowed on cars. The Tribunal held that without actual depreciation, Section 50 cannot be invoked and the addition was deleted.
The Tribunal clarified that confirmation of a Section 14A read with Rule 8D disallowance does not automatically justify penalty. Independent findings showing inaccurate particulars or concealment are mandatory.
The Tribunal held that penalty proceedings fail where notices do not clearly state whether the charge is concealment or inaccurate particulars. Vague notices violate statutory requirements, leading to deletion of penalty.
The issue concerned whether failure to deduct TDS on foreign commission warranted disallowance. The Tribunal held that Section 195 is triggered only when the payment is chargeable to tax in India, reaffirming settled Supreme Court principles.
This ruling clarifies that repayment of loan with interest, coupled with documentary proof, negates allegations of unexplained cash credit. Mere suspicion without defects in evidence cannot sustain an addition.
The Tribunal held that estimating commission income without corroborative evidence is unsustainable. Audited accounts and consistent interest income showed genuine business activity, leading to deletion of the addition.
The Tribunal examined the validity of reopening and multiple expense disallowances. While relief was granted on cash payments and reimbursed interest, statutory interest on taxes was held to be non-deductible.
