In ACIT vs. Hallmark Suppliers Pvt. Ltd., the ITAT Ranchi upheld the deletion of a Rs. 6 crore income addition, ruling that the director’s statement alone, without corroborative evidence, could not be the basis for assessment.
Chennai ITAT rules that S. 194C(6) (obtaining PAN) and S. 194C(7) (filing statement) are independent. A procedural lapse in filing Form 26Q cannot justify a disallowance u/s 40(a)(ia).
Tribunal upholds turnover suppression in food delivery business, capping profit at 8% u/s 44AD based on survey findings and cook’s statement, overriding later-filed books.
ITAT Patna rules against a protective tax assessment on Veena Mishra, a housewife, quashing the addition after evidence of her independent income was presented.
ITAT Ahmedabad dismisses a PCIT’s order under Section 263, stating that revisionary powers cannot be used merely to direct the initiation of penalty proceedings.
ITAT Ahmedabad dismisses Revenue appeals in Shaligram Infra Projects LLP case regarding on-money additions. Key takeaways on third-party documents, profit element taxation, and telescoping principle.
The Income Tax Appellate Tribunal (ITAT) Chandigarh has reversed a tax addition of Rs. 6.75 lakhs on gifts received by an assessee ruling that the gifts from his sister and father-in-law were valid.
Finding that the broker had collected Aadhaar, PAN, GST, bank and IT documents, Tribunal ruled that no penalty under Sections 114 & 114AA could be sustained.
Mumbai Magistrate Court grants bail to Akhtar Yunus Khan, a businessman accused in a ₹9.19 crore GST fraud case, citing his cooperation and the completion of custodial interrogation.
The ITAT Bangalore deleted a Rs.23.77 Cr capitation fee addition and restored exemption u/s 11 for Sri Devaraj Urs Educational Trust, ruling that uncorroborated documents and contradictory statements lack evidentiary value.
