ITAT Mumbai rules that demonetization cash deposits should be treated as business turnover and not as unexplained income, deleting a separate addition.
Mumbai ITAT rules that payments for foreign commission, inspection fees, and software subscriptions are not taxable in India, exempting merchants from TDS obligations.
Delhi ITAT rules that Section 80IC deduction cannot be denied if Form 10CCB is filed before assessment, not necessarily with the original return.
Delhi ITAT dismisses a revenue appeal, confirming that ad-hoc disallowances of business expenses are unsustainable without rejecting the books of accounts.
Delhi ITAT dismisses appeal in DCIT vs. Ajay Goel case, upholding tax relief for Section 54F deduction and indexed cost of shares on capital gains.
The ITAT Delhi rules in Mahendra Singh Jain vs. ITO that an assessment order issued to a deceased individual is void and without legal jurisdiction.
ITAT Delhi rules that a refund from a company is a valid return of deposit, not an unexplained cash credit under Section 68, citing audit and bank records.
ITAT rules that a company’s share premium received from a publicly listed parent company is not taxable under Section 56(2)(viib) and cannot be taxed as income.
Mumbai ITAT rules that tax additions for bogus purchases are not valid if the goods were returned and the transactions were fully reversed in the company’s books.
ITAT Mumbai deletes 100% bogus purchase addition on diamonds, ruling that only the profit element is taxable as the assessee had already offered presumptive income.
