Judgement

ITAT quashes Section 263 revision and upholds AO’s 12.5% addition on alleged bogus purchases

ITAT Rejects PCIT Action Seeking 100% Bogus Purchase Disallowance

News

Vijay has again moved the Madras High Court challenging a Rs 1.5 crore income tax penalty over alleged undisclosed income for AY 2015-16.

Rs 1.5 Crore Tax Penalty: Vijay Approaches Madras HC Again

ITAT Delhi remanded the GP addition and business promotion expense disallowance issues to the tax authorities for fresh examination, partly allowing the revenue’s appeal.

ITAT Remands Higher GP Addition and Expense Disallowance Issues for Fresh Examination

ITAT restored the Rs 1.97 crore addition, ruling that the CIT(A) wrongly deleted it despite the assessee’s failure to satisfactorily explain the source of cash credits.

ITAT restores Income Tax addition on cash introduced in capital which was bogus

Tribunal Holds No Addition Sustainable Without Independent Inquiry; Capital Purchases Cannot Be Treated as Bogus Merely on Investigation Wing Inputs

ITAT Deletes Bogus Purchase Additions Where Assets Existed & Sales Not Disputed 

The ITAT deleted the Rs 11.18 lakh addition, holding that the demonetisation cash deposits were satisfactorily explained with supporting evidence and no undisclosed income was found.

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ITAT Rejects PCIT Action Seeking 100% Bogus Purchase Disallowance

Rs 1.5 Crore Tax Penalty: Vijay Approaches Madras HC Again

ITAT Remands Higher GP Addition and Expense Disallowance Issues for Fresh Examination

ITAT restores Income Tax addition on cash introduced in capital which was bogus

ITAT Deletes Bogus Purchase Additions Where Assets Existed & Sales Not Disputed

ITAT quashes Demonetisation addition: Funds Sent by NRI to Parents Not Unexplained Income