ITAT Mumbai held that disallowance of interest expenditure attributable to interest-free advances not justified since sufficient interest free funds available and also there existed commercial expediency in giving interest free advances. Accordingly, appeal of revenue dismissed.
ITAT Bangalore deletes additions under Section 69 citing presumptive taxation under Section 44AD and lack of supporting evidence by the AO.
ITAT Chandigarh deleted additions made by AO for alleged undisclosed land investment based on uncorroborated mobile images in Harvinder Kaur case.
ITAT Surat rules penalty under Section 271(1)(c) not sustainable where income addition is based on estimation of bogus purchases.
SC held that a duly signed cheque, even if filled by someone other than drawer, can invoke Section 138 of Negotiable Instruments Act. A voluntarily signed blank cheque given towards a payment carries presumption under Section 139 unless rebutted with strong evidence.
Delhi High Court dismisses B.U. Bhandari firm’s plea for late ITR filing; vague medical grounds and lack of evidence cited for rejecting Section 80IB benefit.
Supreme Court rules in Batliboi v HPCL that arbitral damages must reflect actual loss, not be a windfall. Discusses formulae flaws & public policy review pre-2016.
Supreme Court sets aside High Court ruling in S.M. Overseas tax case, restores ITAT order on reassessment under Sections 147/148 of Income Tax Act.
ITAT Mumbai rules on ITO vs. Vaman International P. Ltd., addressing additions under section 69C for disputed purchase transactions.
Delhi High Court reviews PCIT vs. Param Dairy Ltd., addressing additions under Section 69C & 40A(3) for cash milk purchases.
