Judgement

ITAT allowed the assessee's appeal, holding that an average GP rate cannot be applied in the absence of defects in the books.

ITAT: Gross Profit Cannot Be Estimated Without Rejecting Books of Account

The ITAT Visakhapatnam Rules Director Borrowing at Higher Interest and Lending to His Own Company at Lower Interest Cannot Claim Full Interest Deduction 



ITAT Rules Interest Paid on Borrowed Funds Cannot Be Claimed Beyond Interest Earned from Related Company 

ITAT held that a delayed Form 67 filing cannot deny a foreign tax credit if the required conditions are met.

ITAT Allows Foreign Tax Credit Despite Late Filing of Form 67

ITAT held that a wrong deductor name in an ITR cannot be rectified under Section 154 to claim TDS credit.

ITAT Rejects TDS Credit Claim Over Wrong Deductor Name in ITR

The ITAT Visakhapatnam Rules Mere ownership of agricultural land cannot establish that cash deposited during the demonetisation period represented agricultural income


ITAT Rules Cash Deposits During Demonetisation Not Fully Explained by Agricultural Income Claim

ITAT condoned a 119-day appeal delay, set aside the CIT(A)'s order, and remanded the case for fresh consideration.

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ITAT: Gross Profit Cannot Be Estimated Without Rejecting Books of Account

ITAT Rules Interest Paid on Borrowed Funds Cannot Be Claimed Beyond Interest Earned from Related Company

ITAT Allows Foreign Tax Credit Despite Late Filing of Form 67

ITAT Rejects TDS Credit Claim Over Wrong Deductor Name in ITR

ITAT Rules Cash Deposits During Demonetisation Not Fully Explained by Agricultural Income Claim

ITAT Condones 119-Day Delay, Grants Taxpayer Fresh Opportunity