Judgement

ITAT Delhi confirmed tax additions for unexplained investment and loan as the assessee failed to justify transactions or appear for hearings.

Mere Payment by Cheque Doesn’t Make Loan Transaction Genuine

The ITAT Delhi held that reopening the assessment after four years without new evidence was invalid and beyond the Assessing Officer’s jurisdiction.

Big Win for MakeMyTrip! ITAT Slams Income Tax Reopening After 4 Years, says No Failure to Disclose, No Reassessment

High Court held that reassessment proceedings under Section 148 are invalid when the Principal Commissioner grants approval under Section 151 mechanically without independent application of mind

Rajasthan High Court Quashes Reassessment for Mechanical Approval Under Section 151

ITAT dismisses Revenue’s rectification application u/s 254(2) against earlier order quashing cancellation of 12A registration; holds that territorial jurisdiction is not a “mistake apparent from record.”

ITAT Rejects Revenue’s Rectification Plea Alleging Lack of Territorial Jurisdiction in Trust’s 12AB Cancellation Matter

The ITAT Ahmedabad deletes the addition of Rs. 50 lakh received by the company through bank transfers, on the grounds of a genuine bank transaction, interest and TDS were properly paid, and the loan was repaid later.

Loan Routed Through bank, Interest Paid with TDS, and Fully Repaid Cannot Be Treated as Unexplained Cash Credit: ITAT

The ITAT Mumbai granted partial relief by deleting the shop addition and directing a fresh review of the deemed rent calculation.

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Mere Payment by Cheque Doesn’t Make Loan Transaction Genuine

Big Win for MakeMyTrip! ITAT Slams Income Tax Reopening After 4 Years, says No Failure to Disclose, No Reassessment

Rajasthan High Court Quashes Reassessment for Mechanical Approval Under Section 151

ITAT Rejects Revenue’s Rectification Plea Alleging Lack of Territorial Jurisdiction in Trust’s 12AB Cancellation Matter

Loan Routed Through bank, Interest Paid with TDS, and Fully Repaid Cannot Be Treated as Unexplained Cash Credit: ITAT

No ad hoc estimate allowed; MRV must be basis for deemed rent computation