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 Rajkot deletes a ₹70,000 penalty under Section 271(1)(b) because the notices and order were issued to a deceased individual. The Tribunal held that proceedings initiated against a dead person are void ab initio, emphasizing that legal heirs must be brought on record first.
The ITAT Kolkata dismissed an appeal filed by Santhosh Devi Soni as withdrawn after the assessee elected to settle the tax dispute under the Direct Tax Vivad Se Viswas (DTVSV) Scheme, 2024. The Tribunal accepted the withdrawal request since the dispute was resolved under the settlement scheme.
ITAT Mumbai held that a penalty under Section 271(1)(c) was premature when the related quantum appeal was still pending, remitting the matter back for fresh consideration.
The ITAT Mumbai dismissed appeals under the Black Money Act as withdrawn after the assessee received full relief from the CIT(A), who deleted the additions on the merits of beneficial ownership. Since the Department did not challenge the relief, the assessee chose not to pursue the technical and jurisdictional grounds before the Tribunal.
Pune ITAT ruled against adding the perquisite value of rent-free accommodation, finding that the amount was already included and taxed as part of the directors’ disclosed salary.
The ITAT deleted the addition for cash deposits made during demonetization, concluding that taxing the same business receipts twice by first accepting sales and then applying Section 69A was unsustainable under the law.
ITAT ruled that 5% tolerance for difference in stamp duty value and sale consideration applies retrospectively. This allowed assessee’s appeal against an addition under Section 56(2)(x).
ITAT Bangalore ruled that a co-operative society can claim deduction under Section 57 for costs incurred in earning interest income from banks. Matter was sent back to AO for verification of claim.
ITAT Pune held that assessee was engaged in livestock transport on commission basis and not in trading, directing AO to apply 1.5% profit rate instead of 8% estimated earlier.
ITAT restricted the addition under Section 56(2)(vii)(b) to 50% on a jointly purchased property, preventing double addition as the co-owner was already taxed on the balance.
