Delhi HC clarifies the wide scope of Section 264 of the Income Tax Act, emphasizing that the Commissioner must address errors leading to over-assessment, even if raised for the first time in a revision application.
ITAT Ahmedabad upholds CIT(A) decision in DCIT vs Asian Granito India Ltd., disallowing tax additions under Section 14A and suppression of sales allegations.
ITAT Mumbai rules in favor of Sterling Court CHS, allowing Section 80P(2)(d) deduction on interest from cooperative banks. Read the full case summary.
ITAT Mumbai ruled in favor of Dheeraj Gaurav Heights-1 Co-op Housing Society, allowing a deduction under Section 80P(2)(d) on interest income from cooperative banks.
ITAT Mumbai ruled in favor of Blue Rose Industrial Premises Co-op. Society Ltd., allowing deduction on interest income from co-operative banks under Section 80P(2)(d).
ITAT Mumbai rules in favor of Hilla Heights Co-op, allowing deduction under Section 80P(2)(d) for interest income from co-op banks. Case law analysis included.
Delhi HC dismisses Revenue’s appeal against ITAT order in Vatika Landbase case, ruling no basis for income addition. ITAT’s findings upheld.
ITAT Indore partly allows Saaras Agro’s appeal, ruling on Section 69 and 115BBE additions. Key judicial precedents and CBDT circulars cited.
Section 145(3) couldn’t be invoked without identifying specific defects in the books of accounts and that mere suspicion of increased cash sales was not sufficient to make an addition under Section 68.
Read about Mittal Appliances Ltd.’s customs appeal where transaction values for copper scrap were rejected. Detailed analysis of the CESTAT Delhi ruling on valuation rules and implications.
