Tribunal holds cash deposits of ₹1.25 crore matching turnover in books cannot be treated as unexplained income u/s 69. Revenue’s appeal dismissed.
The ITAT Delhi has deleted a ₹8.79 lakh addition, ruling that cash deposits in a joint bank account were properly explained as the wife’s income.
ITAT Delhi deletes disallowance of ₹23.71 lakh, ruling that foreign exchange loss on business advances is an allowable business expenditure for Sitac Re Pvt. Ltd.
ITAT Bangalore ruled that an AO cannot re-initiate assessment after a PCIT ‘sets aside’ an order without providing fresh directions, quashing a cash deposit addition.
ITAT Bangalore rules that CIT(E) cannot deny 12AA and 80G registration based on the amount of money spent. The focus should be on the genuineness of the activities and objects.
ITAT Delhi quashes a bogus purchase addition, ruling that an entire purchase amount cannot be disallowed when corresponding sales have been accepted.
ITAT Chandigarh deletes a Section 68 addition on share capital, ruling that a listed company is not required to prove a source of source for investment.
Calcutta HC has remanded a GST case, ruling that the department erred by treating a voluntary payment under Section 73(5) as a response to a Section 74 show-cause notice.
The Allahabad High Court has quashed a penalty imposed on a company for a one-digit clerical error in its e-way bill, ruling a minor error is not tax evasion.
Tripura High Court refuses to intervene in a GST case, directing the transporter to cooperate with the ongoing adjudication process for an expired e-way bill.
