Judgement

ITAT upheld the Rs. 2.07 crore addition, holding that fully repaid loans routed through banking channels with proper documentation cannot be treated as unexplained cash credits.

Genuine Loan Transactions Cannot Be Treated as Bogus: ITAT Deletes Rs. 2.07 Crore Addition 

Tribunal directed the CIT(A) to allow the assessee to file a condonation petition, and if the CIT(A) finds the explanation reasonable, the delay should be condoned.

Substantial Justice Should be Preferred Over Technicalities: ITAT Gives Another Chance After Appeal Dismissed for 124-Day Delay

ITAT quashed the reassessment against the assessee after holding that the reopening was approved by an incompetent authority.

ITAT Deletes Entire 4.11 Crore Addition Due to Incompetent Reopening Approval

Notices but emailed on 01.04.2021 held invalid; assessments set aside for breach of post–Finance Act 2021 safeguards

ITAT Quashes Reassessment Notices Without Following Section 148A Procedure

ITAT dismissed Revenue’s appeals, upholding the allowability of prior-period expenses, Section 80-IA deduction, and treating subsidies and export incentives as capital receipts.

ITAT Upholds Allowability of Prior-Period Expenses and Capital Subsidies; Favours Assessee

ITAT cancels Rs. 1.15 crore addition as Section 153C reassessments for AY 2013-14 to 2015-16 were held beyond the permissible six-year limit.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

Genuine Loan Transactions Cannot Be Treated as Bogus: ITAT Deletes Rs. 2.07 Crore Addition

Substantial Justice Should be Preferred Over Technicalities: ITAT Gives Another Chance After Appeal Dismissed for 124-Day Delay

ITAT Deletes Entire 4.11 Crore Addition Due to Incompetent Reopening Approval

ITAT Quashes Reassessment Notices Without Following Section 148A Procedure

ITAT Upholds Allowability of Prior-Period Expenses and Capital Subsidies; Favours Assessee

Section 153C Reassessments Beyond Six-Year Limit Held Invalid; ITAT Quashes Rs. 1.15 Crore Addition