Judgement

The ITAT Visakhapatnam grants fresh opportunity to explain cash deposits before Assessing Officer.

ITAT Remands Demonetisation Cash Deposit Case After Assessee Suffers Severe Fire Injuries

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 

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

The ITAT Visakhapatnam observed that estimation of profit must be based on the facts of each assessment year and reduced the profit rate from 8% to 5%


ITAT Rules Separate Addition under Section 69A Cannot Survive Once Income is Estimated on Gross Turnover

ITAT Visakhapatnam quashed a Rs 2.14 crore reassessment after holding that a delayed Section 143(2) notice renders the entire proceeding invalid.

ITAT Holds Section 143(2) Notice within statutory period Mandatory in Reassessment; Quashes Order For Being Time-Barred

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ITAT Remands Demonetisation Cash Deposit Case After Assessee Suffers Severe Fire Injuries

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

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

ITAT Rules Separate Addition under Section 69A Cannot Survive Once Income is Estimated on Gross Turnover

ITAT Holds Section 143(2) Notice within statutory period Mandatory in Reassessment; Quashes Order For Being Time-Barred