Judgement

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.

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

The ITAT Ahmedabad held PCIT validly invoked Section 263 after DVO report revealed undervaluation affecting capital gains.

The ITAT Ahmedabad held that the penalty cannot survive once the assessment forming its basis is set aside.

Ahmedabad ITAT held entire purchases cannot be disallowed when sales are accepted and deleted unsecured loan addition.