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...
Tribunal found that the CIT(A) admitted new evidence without AO’s opportunity and remanded the case for re-examination of NRE deposit sources under Section 69.
Tribunal held that deduction under Section 54 depends on amount actually invested in a new property and not on ownership proportion. Assessing Officer’s restriction to 50% due to joint ownership was set aside, confirming relief for assessee.
ITAT ruled that reassessment under section 147 is valid even if based on an old PAN, as banking and TDS records may reflect its continued use. Ex parte assessment was remanded for proper reconciliation.
ITAT Mumbai held that expenses on dies and moulds used in vehicle manufacturing are revenue in nature, not capital, as they involve regular replacements without creating new assets. The Tribunal upheld CIT(A)’s view, citing consistency with past rulings.
Tribunal held that rent expense differences cannot be taxed as unexplained expenditure without questioning the source. Matter remanded for verification of reconciliation and evidence.
ITAT Mumbai ruled that once the Assessing Officer is aware of a merger, assessment in the name of the amalgamating company is invalid and without jurisdiction.
ITAT Delhi held that Transfer Pricing Adjustment made by the revenue on account of administrative support services segment deserves to be deleted since services rendered are in nature of intra group services and not stewardship activity.
ITAT Mumbai held that doubting goods transportation alone cannot justify full disallowance, restricting the addition to 11.54% GP on ₹32.75 lakh purchases.
ITAT Mumbai deleted a penalty under Section 271(1)(c) because the notice failed to specify whether it targeted concealment of income or inaccurate particulars. The ruling highlights the need for clarity in issuing tax penalties.
ITAT Mumbai held that no extrapolation can be done on estimation basis in absence of any incriminating material. Accordingly, addition rightly deleted by CIT(A). Thus, order of CIT(A) upheld and appeal of revenue dismissed to that extent.
