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....
Assessee-company was traded in electric security equipment systems and filed its income return declaring NIL income after setting off unabsorbed depreciation.
ITAT Mumbai held that interest on delayed VAT/GST and penalties for export obligation defaults are deductible u/s 37(1). However, loss on sale of assets was treated as short-term capital loss and could not be set off against business income.
ITAT Jodhpur quashes a rectification order, ruling a CIT(A) cannot change a decision under the guise of rectifying a mistake apparent from the record.
The case of the assessee was selected for limited scrutiny to examine the source of cash deposits made during the demonetization period. During demonetization period assessee had deposited a sum of Rs.30,00,000/- in her bank account on 16.11.2016.
ITAT Raipur held that passing of CIT(A) order was ex-parte without hearing the assessee and there is sufficient cause shown by assessee in not attending hearings as per opportunities granted by CIT(A). Accordingly, matter remanded back to CIT(A).
Addition under section 68 for Long-term capital gains (LTCG) from sale of shares allotted pursuant to a demerger scheme as bogus and alleged that price manipulation based on a report from the Investigation Wing of the Income tax Department was not justified as the assessee proved genuineness by comprehensive documentary evidence.
ITAT Ahmedabad held that mere titular ownership of bank account is not conclusive. Thus, addition u/s. 69A of the Income tax Act towards unexplained cash deposit cannot be sustained without proper inquiry into identity of actual beneficiary of cash deposits.
ITAT Bangalore deletes ₹25.8L penalty under Section 271D as AO failed to record satisfaction in assessment order. Procedural lapse proved fatal.
Mumbai ITAT dismisses Bajaj Hindusthan Sugar Limited’s appeal for AY 2023-24 as withdrawn, noting it was a duplicate filing after an earlier appeal was already disposed of.
ITAT Ahmedabad ruled on Naliniben Dipakbhai Patel vs ITO, deleting an addition under Section 69A, stating investment source investigation belongs to the actual investor.
