A summary of the ITAT Ahmedabad ruling on Roshniben Sumanlal Kapadia’s case, where the tribunal upheld an addition for bogus share trades.
ITAT Ahmedabad deletes a tax addition on Pushpakant Punjalal Chokshi, ruling that cash deposits in an HUF account can’t be taxed in an individual’s hands.
ITAT Mumbai dismisses an appeal from the Income Tax Office, ruling that a charitable trust’s reported income accumulation was a punching error.
Kanchenjunga Distilleries & Liquors Vs DCIT (ITAT Kolkata) Late Audit Report No Bar -Substance Over Form – ITAT Kolkata Deletes Disallowance of ₹2.07 Cr for Belated Form 10CCB Assessee filed return of income on 22.12.2021 declaring nil income after claiming deduction of ₹2.07 crore u/s 80IE. The extended due date for return filing was 15.03.2022 […]
ITAT Chennai ruled that a taxpayer isn’t obligated to prove ‘source of source’ for funds, deleting an addition on a property investment.
ITAT Chennai clarified that structured Bharatanatyam training preserves cultural heritage and qualifies as education. Fees charged do not make it commercial. Denial of 80G approval set aside; matter remanded to CIT(E) for fresh decision.
ITAT Amritsar ruled that a company’s loans were not unexplained cash credits, deleting a tax addition after finding transactions were squared up through banking channels.
ITAT Jodhpur quashes a rectification order, ruling a CIT(A) cannot change a decision under the guise of rectifying a mistake apparent from the record.
ITAT Mumbai has ruled that when sales are genuine but purchases are bogus, only the embedded profit, typically 3%, should be added to income. The tribunal dismissed a revenue appeal, confirming the principle that entire bogus purchases cannot be disallowed.
ITAT Delhi deleted a Rs. 1.40 crore capital gains tax on a property transfer between spouses, ruling that no consideration was exchanged.
