Judgement

The ITAT held that the belated filing of the tax audit report was a technical breach since it was submitted before reassessment was completed and considered by the AO.

Section 271B Penalty Is Unsustainable Since AO Considered Tax Audit Report Before Completing Reassessment, Holds ITAT

The Delhi ITAT held that an APA margin cannot be applied to an assessment year outside the APA's coverage and directed verification of the working capital adjustment.

ITAT: APA Margin Cannot Be Applied to Assessment Year Outside Its Coverage

Delhi ITAT upheld deletion after finding assessee established identity, creditworthiness and genuineness of investors.

ITAT Deletes Rs 59.53 Crore Section 68 Addition After Assessee Proves Share Capital

Delhi ITAT upheld deletion of Section 68 and Section 41(1) additions after finding adequate supporting evidence.

ITAT Deletes Section 68 Addition After Assessee Proves Loan Identity, Creditworthiness

Tribunal held gross receipts cannot be taxed merely because exemption under Section 11 was denied.

ITAT: Entire Gross Receipts of Trust Cannot Be Taxed Despite Section 11 Denial

The ITAT Chennai allowed deductions after finding staff vouchers and rent records sufficiently established business expenditure.

Explore Our Blogs

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

Section 271B Penalty Is Unsustainable Since AO Considered Tax Audit Report Before Completing Reassessment, Holds ITAT

ITAT: APA Margin Cannot Be Applied to Assessment Year Outside Its Coverage

ITAT Deletes Rs 59.53 Crore Section 68 Addition After Assessee Proves Share Capital

ITAT Deletes Section 68 Addition After Assessee Proves Loan Identity, Creditworthiness

ITAT: Entire Gross Receipts of Trust Cannot Be Taxed Despite Section 11 Denial

ITAT Deletes Additions Towards Bhatta and Rent Expenses Backed by Supporting Evidence