In Aadinath Gems Vs ITO, ITAT Mumbai deleted an unexplained cash credit addition under Section 68 for an amount from a prior year, while remanding the share application money dispute to the AO for fresh verification.
The Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Dalmia (Bros) Pvt. Ltd. vs DCIT, ruled that expenses on vehicle maintenance and club fees, when taxed as perquisites in the hands of directors and employees,
The ITAT Delhi dismissed the revenue’s appeal against D&Y Technologies, confirming that the Assessing Officer cannot reject a company’s books of account based solely on a decline in profit rates or disallow director’s salary without evidence that the payment was not for business purposes.
The ITAT Mumbai ruled in favor of Bennett Coleman & Co. Ltd., holding that a further Section 14A disallowance is unwarranted when the assessee’s own disallowance exceeds the exempt income.
The ITAT Mumbai ruled in favor of Nilesh Shirish Mehta, setting aside a reassessment order for AY 2015-16. The tribunal found the Section 148 notice, issued after April 1, 2021, to be time-barred and invalid based on concessions made by the Department before the Supreme Court in the case of Union of India v. Rajeev Bansal.
The Delhi High Court set aside the entire reassessment process against Siam Stock Holdings Ltd. after finding that all official notices were sent to a former employee’s email address, violating principles of natural justice and rendering the proceedings invalid.
The Income Tax Appellate Tribunal (ITAT) Ahmedabad dismissed the Revenue’s appeal, confirming the deletion of additions made under Section 68 of the Income Tax Act.
Benefit of CBIC Notification dated 2 November 2023 extending limitation for filing appeals up to 31 January 2024 could not be denied merely because adjudication order was passed after 31 March 2023; appeals restored subject to compliance with pre-deposit conditions.
Tribunal held that once a scrutiny assessment under Section 143(3) allows a claim, any earlier disallowance by CPC under Section 143(1) merges into it and loses force.
The ITAT Ahmedabad has deleted a ₹55 lakh addition made under the “accommodation entry” theory, ruling that the repayment of loans through banking channels negated any benefit to the assessee, thereby making the addition and the reassessment legally unsustainable.
