Judgement

ITAT partly allowed the assessee’s appeal by deleting Rs. 1.6 crore unsecured loan additions and restricting expense disallowance to only 20% of unverified claims.

ITAT Deletes Rs. 1.6 Crore Unsecured Loan Additions; Expense Disallowance Cut To 20%

The ITAT upheld CIT(A)'s order stating that there was no unexplained investment.

ITAT Rejects Revenue's Appeal as Income Source Properly Explained

Articles

The Income Tax Department reports a 9.4% rise in net direct tax collections, indicating a wider taxpayer base.

India’s Net Direct Tax Collections Rise 9.4% to Rs. 19.44 Lakh Crore, Reflecting a Broader Tax Base

The ITAT said that whether an expense is revenue or capital is a debatable issue, and the penalty under Section 271(1)(c) cannot be levied if the dispute involves debatable legal interpretations.

Section 271(1)(c) Penalty Cannot be Levied Where Issue is Debatable: ITAT

Section 271(1)(c) Penalty Cannot be Levied Where Disallowance Involves Debatable Issue: ITAT

Income Tax Addition for Unexplained Cash Deposits During Demonetization Period deleted for Cash Balance Backed by Books of account and computation of income

Demonetization Cash Deposits Addition Deleted as Books Fully Explained Cash Balance

ITAT upheld the CIT(A)'s ruling, holding that ad-hoc expense disallowances without rejecting audited books or proving defects cannot be sustained.

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ITAT Deletes Rs. 1.6 Crore Unsecured Loan Additions; Expense Disallowance Cut To 20%

ITAT Rejects Revenue's Appeal as Income Source Properly Explained

India’s Net Direct Tax Collections Rise 9.4% to Rs. 19.44 Lakh Crore, Reflecting a Broader Tax Base

Section 271(1)(c) Penalty Cannot be Levied Where Disallowance Involves Debatable Issue: ITAT

Demonetization Cash Deposits Addition Deleted as Books Fully Explained Cash Balance

ITAT Dismisses Rs. 8.82 Crore Addition; Holds Estimated Disallowances Not Allowed Without Proof