Judgement

ITAT Ahmedabad invalidated the entire reassessment proceedings as section 148 notice was issued after the statutory time limit as prescribed by the law. 

ITAT Invalidates Entire Reassessment Proceedings After Issuance of Section 148 Notice After Statutory Time Limit Prescribed Under Law

ITAT holds that suspicion regarding a buyer’s alleged accommodation entries cannot by itself establish that the assessee’s recorded sales were unexplained income.

ITAT Remands Rs 1.80 Crore Tax Dispute, Says Buyer’s Alleged Accommodation Entries Cannot Alone Trigger Section 68 Addition

The ITAT Ahmedabad grants one more opportunity to assessee despite six earlier non-compliances.

ITAT Remits Rs.49.55 Lakh Agricultural Income Addition to CIT(A) 

The ITAT Ahmedabad held failure to furnish books and supporting details justifies fresh examination of abnormal loss and increase in salary.


ITAT Remits Profit Estimation and Salary Disallowance Matter for Fresh Adjudication

ITAT condones a 656-day delay but upholds Rs 31.80 lakh interest disallowance after the assessee fails to establish a direct nexus between overdraft interest and FDR income under Section 57(iii).

ITAT Rules Interest on FDR-Backed Overdraft Not Deductible Without Direct Nexus Under Section 57(iii)

The ITAT held that mere difference between physical and book stock cannot justify search penalty. 


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ITAT Invalidates Entire Reassessment Proceedings After Issuance of Section 148 Notice After Statutory Time Limit Prescribed Under Law

ITAT Remands Rs 1.80 Crore Tax Dispute, Says Buyer’s Alleged Accommodation Entries Cannot Alone Trigger Section 68 Addition

ITAT Remits Rs.49.55 Lakh Agricultural Income Addition to CIT(A)

ITAT Remits Profit Estimation and Salary Disallowance Matter for Fresh Adjudication

ITAT Rules Interest on FDR-Backed Overdraft Not Deductible Without Direct Nexus Under Section 57(iii)

ITAT Deletes Section 271AAA Penalty on Diamond Stock Discrepancy for Failure to Establish Undisclosed Income