ITAT Chennai dismisses Midas Golden Distilleries’ appeal, upholding addition of ₹2.64 crore as unaccounted income based on a director’s admission and corroborated search evidence.
ITAT Chennai has ruled that 5% tolerance limit under Section 56(2)(x) is retrospective. ITAT also clarified that stamp duty and registration fees are not deductible from the property’s consideration.
ITAT condoned delay due to illness and ruled that Abdul Hamid Nachar’s appeals, earlier dismissed for non-filing, must be admitted and re-examined.
ITAT Rajkot quashes a Section 263 order, ruling that the PCIT cannot revise an assessment based on a mere change of opinion when the AO has verified purchases.
The ITAT Ranchi quashed a reassessment against SGS Real Estates Pvt. Ltd., ruling the approval for reopening the case was invalid due to procedural defects and a lack of conscious application of mind by the PCIT.
Lalithaa Jewellery Mart Ltd. Vs DCIT (ITAT Chennai) Mere Loose Notings Without Corroboration Cannot Justify Unaccounted Income- ITAT Chennai Deletes Additions on “MD Sheet” Chennai ITAT delivered a consolidated order in six appeals filed by a leading South Indian jewellery retailer with nearly sixty showrooms, against assessments framed for AYs 2016-17 to 2021-22. The assessments […]
The ITAT Ranchi deletes a ₹1.67 crore addition to a hardware merchant’s income, ruling that cash deposits during demonetisation were explained by recorded sales.
ITAT Pune remands a case, ruling that a trust’s gross receipts cannot be taxed as income without allowing expenses, despite a significant delay in filing.
The ITAT Pune ruled that excess cash found during a business survey should be taxed as normal business income, not at the higher rate under Section 115BBE.
ITAT Pune upholds an estimated 8% profit on a grain merchant’s cash deposits of ₹2.61 crore, ruling against the taxing of the full amount as unexplained income.
