Judgement

ITAT holds that suspicion regarding a buyer’s alleged accommodation entries cannot by itself establish that the assessee’s recorded sales were unexplained income.

ITAT Remands Rs 1.80 Crore Tax Dispute, Says Buyer’s Alleged Accommodation Entries Cannot Alone Trigger Section 68 Addition

The ITAT Ahmedabad grants one more opportunity to assessee despite six earlier non-compliances.

ITAT Remits Rs.49.55 Lakh Agricultural Income Addition to CIT(A) 

The ITAT Ahmedabad held failure to furnish books and supporting details justifies fresh examination of abnormal loss and increase in salary.


ITAT Remits Profit Estimation and Salary Disallowance Matter for Fresh Adjudication

ITAT condones a 656-day delay but upholds Rs 31.80 lakh interest disallowance after the assessee fails to establish a direct nexus between overdraft interest and FDR income under Section 57(iii).

ITAT Rules Interest on FDR-Backed Overdraft Not Deductible Without Direct Nexus Under Section 57(iii)

The ITAT held that mere difference between physical and book stock cannot justify search penalty. 


ITAT Deletes Section 271AAA Penalty on Diamond Stock Discrepancy for Failure to Establish Undisclosed Income

Delhi ITAT condones a 783-day delay in filing an income tax appeal and restores the Rs 1.87 lakh penalty matter to CIT(A) for fresh adjudication.

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ITAT Remands Rs 1.80 Crore Tax Dispute, Says Buyer’s Alleged Accommodation Entries Cannot Alone Trigger Section 68 Addition

ITAT Remits Rs.49.55 Lakh Agricultural Income Addition to CIT(A)

ITAT Remits Profit Estimation and Salary Disallowance Matter for Fresh Adjudication

ITAT Rules Interest on FDR-Backed Overdraft Not Deductible Without Direct Nexus Under Section 57(iii)

ITAT Deletes Section 271AAA Penalty on Diamond Stock Discrepancy for Failure to Establish Undisclosed Income

ITAT Takes Liberal View on 783-Day Delay, Allows Appeal Against Rs 1.87 Lakh Penalty to Be Heard on Merits