The Tribunal held that entire purchases cannot be disallowed when corresponding sales are accepted. It upheld restriction of addition to profit element, preventing unrealistic income computation.
The court restrained dissemination of defamatory content related to a film before its release. It held that a prima facie case and irreparable harm justified urgent interim protection.
The Tribunal held that additions cannot be made merely on survey statements without rejecting books of account or providing proper opportunity. It deleted the addition for alleged underreported profit, emphasizing adherence to due process.
REC Limited Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, adjudicated cross appeals filed by the assessee and the Revenue for Assessment Years (AYs) 2018–19 and 2019–20, along with Revenue appeals for AYs 2020–21 and 2021–22. Since the issues were common across years, the Tribunal disposed of all appeals through a consolidated […]
The Court condoned a 179-day delay and admitted the appeal on questions involving Section 263. It will examine whether the Tribunal erred in quashing revisionary action.
The Tribunal held that a minor delay in filing Form 10-IC should not deny concessional tax benefits. It emphasized that substantive compliance prevails over procedural defects.
The Tribunal condoned delay after finding reasonable cause and examined the merits of the case. It held that no capital gains arise where purchase and sale consideration are identical.
The Tribunal held that no double deduction was claimed as the provision was already added back in computation. The addition was deleted for being based on incorrect facts.
The Tribunal found that additions were made without considering joint ownership and without referring valuation to the DVO. The matter was sent back for fresh adjudication with proper verification.
The Tribunal held that rejecting the appeal solely due to delay without examining merits was not justified. It condoned the delay and remanded the matter for fresh adjudication.
