Judgement

Tribunal upholds 17% profit estimation on on-money and allows IDS-2016 telescoping for later years

On-Money Taxable Only on Profit Basis; IDS Telescoping Allowed- ITAT Barred Reopening by Limitation

ITAT holds that addition of full undisclosed turnover is unsustainable; directs taxation of profit @7.03% on omitted sales

Entire Undisclosed Sales Cannot Be Taxed; Only Embedded Profit Liable: ITAT

ITAT Quashes Reassessment: No Addition on Recorded Reasons, LTCG Addition Invalid

ITAT Ahmedabad Quashes Reassessment for No Addition on Recorded Reasons

ITAT held that a genuine claim for relief under Section 89(1) cannot be denied merely due to a technical lapse and remanded the matter to the AO for fresh consideration.

Form 10E Filed, Yet Relief Denied: Section 89(1) Relief Denial Case on Technical Ground Remanded to AO

Assessment against non-searched person beyond permissible block period held time-barred; COVID exclusion and 50 lakh threshold arguments rejected

153C Jurisdiction Fails: ITAT Ahmedabad Quashes Rs. 4 Cr Addition and Penalty

Cash sales during demonetisation cannot be treated as unexplained merely on estimation without verifying stock, quantity, and supporting invoices

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

On-Money Taxable Only on Profit Basis; IDS Telescoping Allowed- ITAT Barred Reopening by Limitation

Entire Undisclosed Sales Cannot Be Taxed; Only Embedded Profit Liable: ITAT

ITAT Ahmedabad Quashes Reassessment for No Addition on Recorded Reasons

Form 10E Filed, Yet Relief Denied: Section 89(1) Relief Denial Case on Technical Ground Remanded to AO

153C Jurisdiction Fails: ITAT Ahmedabad Quashes Rs. 4 Cr Addition and Penalty

ITAT Remands Jeweller’s Demonetisation Additions for Fresh Verification of Sales Evidence