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...
Relying on Supreme Court judgments, including Andaman Timber Industries, the ITAT dismissed the Revenue’s appeal, emphasizing that the right to cross-examination is mandatory for any addition based on a third-party statement. Failure to grant this right nullifies the assessment order.
The ITAT Ahmedabad dismissed the Revenue’s appeal, ruling that cash deposits of Rs.9.37 crore made by Arvindbhai Jewellers during demonetisation were not unexplained cash credits under Section 68. The Tribunal held that the Assessing Officer’s rejection of books under Section 145(3) was invalid, as there was no defect in the quantitative stock register, and suspicion alone cannot be a basis for addition.
ITAT Hyderabad rules that once income is estimated by rejecting books, no further addition can be made; ₹31.55 lakh added in liquor business case deleted.
ITAT Jaipur ruled that reassessment under Section 148 based solely on Investigation Wing’s report without independent verification is invalid and void ab initio.
ITAT Mumbai held that addition towards unexplained expenditure merely on the basis of suspicion based on information received from another authority without independent enquiry cannot be sustained. Accordingly, appeal of revenue dismissed.
ITAT Mumbai held that the interconnect usage charges and roaming charges paid to Foreign Telecom Operators [FTOs] are not in the nature of royalty and hence not taxable in India. Thus, disallowance u/s. 40(a)(i) for non-deduction of TDS not justified. Accordingly, appeal allowed to that extent.
The ITAT Mumbai ruled in favour of Goldman Sachs (Singapore) Pte, holding that an FPI claiming capital gains exemption under the India-Singapore DTAA (Article 13) cannot be forced to set off prior year’s brought-forward losses against that exempt income.
The Tribunal set aside the addition of LTCG and commission under Section 69C, affirming that the Revenue cannot deny exemption under Section 10(38) based on a general investigation into Kushal Tradelink without establishing the assessees direct involvement in the accommodation entries. This ruling confirms that once the assessee discharges the initial burden of proof, the Revenue must provide contrary material to sustain the addition.
Kerala High Court held that appeals on identical issue can be disposed by passing single order containing single DIN. Thus, passing of single order for multiple appeal is legally valid. Accordingly, writ disposed of.
The issue was a ad-hoc addition on cash deposits sustained by the due to the absence of direct source-to-deposit correlation. The ITAT deleted the addition, holding that once the overall source (like agricultural or business income) is accepted on merits, does not require mathematical one-to-one matching.
