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 ITAT found that Rule 8D cannot be applied blindly without examining the nature of investments and income earned. The matter was restored to the Assessing Officer to verify whether investments were stock-in-trade and whether they yielded exempt income.
The ITAT upheld deletion of a major share premium addition after finding that all investors complied with notices under Section 133(6) and furnished requisite documents. The ruling reiterates that once the three ingredients of Section 68 are satisfied, the burden shifts to the Revenue.
The issue was whether appeals could be dismissed outright for delay without examining the merits. The Tribunal held that justice required restoration where plausible reasons for delay were cited and directed reconsideration.
The issue was whether appeals dismissed for an extraordinary delay could be restored. The Tribunal held that, despite the assessee’s lapses, justice required giving an opportunity to seek condonation and have the case decided on merits.
The issue was whether higher depreciation on goods carriage vehicles could be disallowed during return processing. The Tribunal held that such debatable claims need scrutiny and cannot be adjusted under section 143(1).
The issue was whether a short delay in filing an appeal justified outright dismissal. The Tribunal held that illness supported by medical evidence constituted reasonable cause and restored the appeal for merits adjudication.
The tribunal held that milk procurement and sale by a charitable society were incidental to its primary object of helping small and marginal farmers, and exemption under Section 11 could not be denied.
The assessee claimed the firm had dissolved and deposits belonged to a partner. The Tribunal held that absence of documentary proof justified treating bank deposits as unexplained income.
The Tribunal held that dismissal of an appeal without effective hearing violated principles of natural justice. The matter was remanded for fresh adjudication with directions to grant adequate opportunity.
The tribunal held that a reassessment notice issued after three years was invalid as sanction was taken from an incompetent authority. The assessment was quashed for non-compliance with section 151(ii) of the Income Tax Act.
