Judgement

The ITAT ruled that only the Rs. 3.34 lakh trading profit of the company is taxable, rejecting the Rs. 3.90 crore unexplained cash credit addition under Section 68.

ITAT Quashes Rs. 3.90 Crore Section 68 Addition; Holds Only Trading Profit Taxable

The ITAT held that Section 54F deduction must strictly follow the statutory formula and cannot exceed the computed exemption merely due to higher deposits in the CGAS.

Section 54F Deduction Must Follow Statutory Formula, Not CGAS Deposit: ITAT

The tribunal held that a tax officer cannot question the prudence of business decisions.

AO Cannot Sit in the Armchair of a Businessman and Question Prudence of Business Decisions: ITAT

Articles

High-value financial transactions are automatically reported to tax authorities under the Statement of Financial Transaction (SFT), making non-disclosure in ITRs risky.

Think Your Big Transactions Go Unnoticed? Income Tax Department Is Already Watching

ITAT Ahmedabad quashes Rs. 90 lakh tax addition, citing bank account misidentification and lack of proper inquiry by the Assessing Officer and lower authorities.

ITAT Ahmedabad Quashes Rs. 90 Lakh Tax Addition for Misidentified Bank Account

The ITAT upheld that filing Form 10B is just a procedural requirement, and even if it is filed beyond the specified due date, exemption under section 11 can still be claimed.

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ITAT Quashes Rs. 3.90 Crore Section 68 Addition; Holds Only Trading Profit Taxable

Section 54F Deduction Must Follow Statutory Formula, Not CGAS Deposit: ITAT

AO Cannot Sit in the Armchair of a Businessman and Question Prudence of Business Decisions: ITAT

Think Your Big Transactions Go Unnoticed? Income Tax Department Is Already Watching

ITAT Ahmedabad Quashes Rs. 90 Lakh Tax Addition for Misidentified Bank Account

Section 11 Exemption Cannot Be Denied Solely for Late Filing of Form 10B: ITAT