ITAT Delhi held that ten-year block under Section 153C must be computed from date AO of non-searched person receives seized material, not search date.
ITAT held that no addition under Section 69A was justified when the jewellery found during search was less than the amount already declared in wealth tax returns. Revenue’s appeal was dismissed.
ITAT Mumbai held that TDS need not be deducted on year-end expense provisions where payees are unidentifiable and liability crystallizes later. Case remanded for factual verification.
ITAT Mumbai held that consideration from a redevelopment agreement is taxable in hands of individual members, not co-operative housing society. Tribunal upheld CIT(A)’s deletion of ₹4.97 crore addition, confirming that society acted merely as a representative.
ITAT held that once income is accounted in the Profit & Loss statement, further addition by the tax authority is unlawful. The order restores the correct claim of losses and eliminates double addition.
ITAT Delhi upheld deletion of additions under Section 68 after the assessee proved identity, creditworthiness, and genuineness of lenders. Interest disallowance was also deleted as loans were repaid and taxed transactions verified.
ITAT Delhi held that assessments for A.Ys 2011–12 and 2012–13 were invalid since they fell outside the ten-year block reckoned from the date of receipt of seized material. The Tribunal followed CIT v. Jasjit Singh (SC) and Ojjus Medicare (Del HC) rulings.
The Supreme Court partially set aside the Enforcement Directorate’s attachment order, restoring properties to the resolution applicant for the benefit of genuine homebuyers while maintaining attachment over 11 identified units linked to alleged proceeds of crime.
ITAT Chennai held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since cash deposit during demonetization duly reflected as cash sales and there was no abnormal spike in sales during demonetization.
High Court permits taxpayer to apply for revocation of cancelled GST registration within two weeks, directing authority to decide per law.
