Judgement

Cross appeals on estimation of profit from alleged bogus purchases – consistency with earlier years upheld

Bogus Purchases: ITAT Restricts Addition to 5% Following Consistency Principle

ITAT held that subsidy for promoting renewable energy projects is not deductible from asset cost for depreciation in AY 2014-15, deleting the Rs. 72.90 lakh disallowance.

ITAT: Renewable Energy Capital Subsidy Not to Reduce Asset Cost for Depreciation in AY 2014-15

ITAT Delhi: Section 14A Disallowance Cannot Exceed Exempt Income; Support Service Disallowance Remanded

ITAT: Section 14A Disallowance Cannot Exceed Exempt Income; Ad-hoc 25% Disallowance Remanded Back

The ITAT held that a reassessment initiated through a Section 148 notice issued in the name of a deceased assessee is void in law, and participation by the legal heir cannot cure this defect.

ITAT Holds Legal Heir’s Participation Cannot Cure Defective Notice Issued in Name of a Dead Person

ITAT held that depreciation claims for AY 2014-15 and 2015-16 are consequential and must be decided only after the pending AY 2013-14 appeal is resolved.

Depreciation Claims for Later Years Cannot Be Decided Without Resolving Earlier Years: Rules ITAT

Therefore, the ITAT restored the matter to the CIT(A), giving one more chance to the assessee, subject to a Rs 2,000 cost, which was directed to be deposited in the Prime Minister Relief Fund.

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Bogus Purchases: ITAT Restricts Addition to 5% Following Consistency Principle

ITAT: Renewable Energy Capital Subsidy Not to Reduce Asset Cost for Depreciation in AY 2014-15

ITAT: Section 14A Disallowance Cannot Exceed Exempt Income; Ad-hoc 25% Disallowance Remanded Back

ITAT Holds Legal Heir’s Participation Cannot Cure Defective Notice Issued in Name of a Dead Person

Depreciation Claims for Later Years Cannot Be Decided Without Resolving Earlier Years: Rules ITAT

ITAT Restores Case, Granting Fresh Hearing Subject to Cost Payment