Judgement

Tribunal Rejects Rule 6DD Claim; Holds Cash Payments Beyond Rs. 20,000 Without Evidence Attract Disallowance

ITAT: Failure To Prove Rule 6DD Exceptions Leads to Disallowance of Rs. 22.45 Lacs Cash Transactions

ITAT confirms Income Tax Addition on cash payments exceeding Rs. 20,000 per day

The ITAT ruled that in cases of alleged bogus sales under Section 68, only the profit element, not the entire sales amount, can be taxed, directing reassessment using a 9% gross profit rate.

ITAT Rejects 100% Addition on Suspicious Sales; Remands Case for Fresh Consideration

ITAT held that delay in filing Form 10B during the COVID period was a procedural lapse and directed the grant of Sections 11 and 12 exemption.

ITAT Directs Grant of Section 11 Exemption Despite Late Filing of Form 10B

ITAT remanded the matter to the AO for fresh verification, citing possible duplication in additions made on bank credits and alleged accommodation entries.

Entire credit entries appearing in bank without considering debit entries cannot be taxed as Cash Credits: ITAT

ITAT Mumbai ruled that tax authorities cannot arbitrarily apply a higher presumptive income rate when a taxpayer has correctly declared income under Section 44AD.

No Arbitrary Higher Tax Can Be Imposed When Presumptive Income Is Properly Declared: ITAT

It was observed that profits from one client were shifted to another by changing the codes. This suggested that there was no punching mistake but a deliberate attempt.

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ITAT confirms Income Tax Addition on cash payments exceeding Rs. 20,000 per day

ITAT Rejects 100% Addition on Suspicious Sales; Remands Case for Fresh Consideration

ITAT Directs Grant of Section 11 Exemption Despite Late Filing of Form 10B

Entire credit entries appearing in bank without considering debit entries cannot be taxed as Cash Credits: ITAT

No Arbitrary Higher Tax Can Be Imposed When Presumptive Income Is Properly Declared: ITAT

ITAT Upholds Addition Due to Non-Genuine Client Code Modifications