Judgement

The ITAT Ahmedabad deletes Rs 1.32 crore Section 69A addition, accepts genuine gold sales and rules that suspicion alone cannot justify taxation.

ITAT Deletes Rs 1.32 Crore Section 69A Addition; Holds Recorded Sales Cannot Be Treated as Unexplained Income Without Proof

ITAT quashed reassessment based on unverified INSIGHT Portal information without independent verification by the AO.

ITAT Quashes Reassessment Based on Unverified Insight Portal Information

The ITAT dismissed the taxpayer's appeal due to a 691-day filing delay and upheld the income addition made by the Assessing Officer for AY 2017-18.

ITAT Dismisses 691-Day Delayed Appeal, Upholds AO's 8% Profit Estimation Under Section 44AD

The ITAT dismissed the appeal, holding that invoices and bank payments alone could not establish genuine purchase transactions.

ITAT Upholds Rs 16.5 Lakh Addition Under Section 69C Over Bogus Purchase Claim

ITAT allowed the assessee's appeal, holding that an average GP rate cannot be applied in the absence of defects in the books.

ITAT: Gross Profit Cannot Be Estimated Without Rejecting Books of Account

The ITAT Visakhapatnam Rules Director Borrowing at Higher Interest and Lending to His Own Company at Lower Interest Cannot Claim Full Interest Deduction 



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ITAT Deletes Rs 1.32 Crore Section 69A Addition; Holds Recorded Sales Cannot Be Treated as Unexplained Income Without Proof

ITAT Quashes Reassessment Based on Unverified Insight Portal Information

ITAT Dismisses 691-Day Delayed Appeal, Upholds AO's 8% Profit Estimation Under Section 44AD

ITAT Upholds Rs 16.5 Lakh Addition Under Section 69C Over Bogus Purchase Claim

ITAT: Gross Profit Cannot Be Estimated Without Rejecting Books of Account

ITAT Rules Interest Paid on Borrowed Funds Cannot Be Claimed Beyond Interest Earned from Related Company