Judgement

The Tribunal highlighted the statutory requirement under section 69A which says that if an explanation is supported by credible evidence and is not proved false, no addition should be made

Cash Deposits from Property Sale Cannot Be Taxed as Unexplained

The ITAT Delhi restricts the disallowance of bogus purchases to 8% and treats it as a business expense instead of unexplained cash credits.

Fake Purchases to Be Disallowed as Business Expense, Not Cash Credits: ITAT

ITAT Hyderabad upheld the deletion of Rs. 25.24 crore after confirming that all unsecured loans were fully supported by a clear banking trail.

ITAT Confirms Deletion of Rs. 25.24 Crore Section 68 Addition After Assessee Proves Full Money Trail

The ITAT condoned the delay for 146 days and sent the assessee's rejected registration application filed under Section 12AB of the Income Tax Act, back to the CIT(A) for fresh consideration.

ITAT Restores Section 12AB Registration Request After Accepting Genuine Condonation of Delay for 146 Days

HC settles the Rule 41D controversy, holding that furnace oil used in manufacturing is subject to a mandatory 6% set-off reduction for branch transfers

Bombay HC Ends 22-Year Debate: Borosil Denied Full Set-Off on Furnace Oil Under Rule 41D

Bombay HC Ends 22-Year Debate: Borosil Denied Sale Tax Set-Off on Furnace Oil

HC set aside the denial of Yamaha’s NCCD rebate on exported goods, holding that key issues were ignored, and directed a fresh decision on the 3.26 crore claim.

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Cash Deposits from Property Sale Cannot Be Taxed as Unexplained

Fake Purchases to Be Disallowed as Business Expense, Not Cash Credits: ITAT

ITAT Confirms Deletion of Rs. 25.24 Crore Section 68 Addition After Assessee Proves Full Money Trail

ITAT Restores Section 12AB Registration Request After Accepting Genuine Condonation of Delay for 146 Days

Bombay HC Ends 22-Year Debate: Borosil Denied Sale Tax Set-Off on Furnace Oil

Bombay HC Remands Yamaha’s Rs. 3.26 Crore NCCD Rebate Claim for Fresh Review