ITAT Mumbai has ruled that Section 68 additions cannot be made if assessee does not maintain books of account. Court also allowed a deduction under Section 80C.
The ITAT Kolkata has ruled that a legal heir is entitled to claim TDS credit on a deceased person’s income, provided the heir has offered that income for taxation.
NCLT Mumbai held that the Corporate Debtor has committed a default in repayment of debt which is due and payable to the Financial Creditor. Accordingly, application u/s. 7 of the Insolvency and Bankruptcy Code admitted for initiation of CIRP against Corporate Debtor.
ITAT Nagpur rules Aditya Urban Co-operative Credit Society’s FDR interest is eligible for 80P deduction, distinguishing it from surplus fund cases.
Madras High Court sets aside tax order against deceased assessee, citing no notice to legal heirs and improper rejection of rectification application.
The ITAT Delhi has set aside the CIT(A)’s deletion of a ₹2.32 crore addition made under Section 68, citing a violation of Rule 46A as new evidence was admitted without giving the Assessing Officer a chance to examine it.
Madras High Court held that detention of goods due to route mismatch justified as there was no necessity to travel 41 kms when actual destination point was just 9 kms. Accordingly, rout mismatch clearly shows malafide intention to deliver goods illegally.
ITAT Indore held that AO made addition towards unexplained deposited without being aware of possession of two PAN by single person-assessee. Accordingly, matter remanded to the file of AO with imposition of cost of Rs. 7,000/-.
Calcutta High Court held that merely because share transactions were done through stock exchanges it doesn’t make the transactions genuine. Accordingly, bogus capital loss claim rejected and appeal of revenue allowed.
ITAT Raipur restores appeal dismissed ex-parte by CIT(A), finding no proof of notice served via physical mode as opted by assessee in Form 35.
