Income Tax : The Tribunal held that taxing total gross winnings without examining expenditure and loss components violates principles of fairne...
Income Tax : The Tribunal held that additions under Section 69 cannot be sustained when based solely on third-party statements and unverified e...
Income Tax : ITAT held that a portion of cash paid could reasonably be sourced from accumulated withdrawals from joint bank accounts. The remai...
Income Tax : The Tribunal held that assumption of jurisdiction under Section 153C was invalid due to a defective and consolidated satisfaction ...
Income Tax : The Tribunal held that reassessment proceedings fail when the Assessing Officer abandons the issue forming the basis of reopening....
The issue was whether an assessment could survive when statutory notices were issued in the name of a deceased person. The Tribunal held such notices invalid and quashed the entire assessment.
The issue was whether screen-based stock exchange trades can be ignored due to alleged exit providers. The Tribunal ruled that non-response of buyers and weak financials of counterparties do not invalidate genuine exchange-routed transactions.
The Tribunal held that dispatch records alone do not establish valid service of intimation under section 143(1). Rectification under section 154 must be considered on merits where service is disputed.
The tribunal ruled that statements of third parties cannot be relied upon unless the assessee is provided copies and allowed cross-examination. Denial of this right renders the additions legally untenable.
ITAT Delhi held that day of arrival should be excluded while computing number of stayed in India. Accordingly, the status of assessee is non-resident. Thus, the appeals of the assessee is allowed.
The issue was whether the full value of alleged bogus purchases could be added to income. The Tribunal upheld that only the profit element embedded in such purchases is taxable, not the entire purchase value.
The Tribunal examined suspicion surrounding a large cash advance for property. It ruled that suspicion alone cannot replace evidence, and once the transaction is substantiated, section 68 addition must be deleted.
The Tribunal held that where income is offered to tax on receipt basis, TDS credit must be granted in the same year despite timing differences arising from accrual-based deduction by clients.
The Tribunal held that rural agricultural land excluded from capital asset under Section 2(14) cannot be taxed under Section 56(2)(vii)(b). Addition based on stamp duty valuation was therefore deleted in full.
The Tribunal held that serving notices on an outdated email ID violates principles of natural justice. The assessment was set aside and the matter restored for fresh adjudication after proper service.
