Category: ITAT

Assessee is eligible for claiming deduction under Chapter VIA under Section 80IE of the Income Tax Act 1961 on the increased income. In a recent judgment, ITAT has held that assessee is eligible for deduction under Chapter VIA under Section 80IE of the Act on the increased income …

Assessee could not be faulted for showing only cash in hand and bank balance as capital following presumptive taxation when there was no mandate to provide particular set of information in ITR In a recent judgment, ITAT has held that when assesse had taken a recourse to filing …

Merely because interest liability was recognised by journal entries at the close of the year, it does not make expenditure fictitious or non-genuine. In a recent judgment, ITAT has held that merely because the interest liability has been recognised through journal entries at the close of the accounting …

Addition for cash deposits in bank account which were immediately transferred to other accounts deleted in absence any enquiry by AO In a recent judgment, ITAT deleted the addition towards cash deposits in bank account of the assessee during demonetisation window which were immediately transferred to other accounts …

ITAT disallows 6% for alleged bogus purchases as purchases from unregistered dealers could not be ruled out. In a recent judgment, ITAT has held that a disallowance of 6% for alleged bogus purchases was appropriate as purchases from unregistered dealers per se could not be altogether ruled out …

Benefit of the cash bought at the time of migration from Pakistan allowed as assessee fulfilled conditions of CBDT Circular In a recent judgment, ITAT has allowed the benefit of the cash and jewellery bought by the assessee at the time of migration from Pakistan to India. ABCAUS …

Actual use of asset not the sole test for allowability of depreciation and it may be allowed when business only temporarily remained suspended In a recent judgment ITAT has held that Actual use of asset is not the sole test for allowability of depreciation and that, in appropriate …

Penalty u/s 270A deleted as assesse filed revised computation during scrutiny correcting the mistake which was noticed only after the case was selected for scrutiny. In a recent judgment, ITAT has deleted penalty u/s 270A as the assesse filed revised computation during scrutiny and stated that due to …

Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous and preceding year deleted by ITAT In a recent judgment, ITAT has held that unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. …

Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment  – ITAT In a recent judgment, ITAT Guwahati has held that merely rectifying  computation without touching in the body of order without giving opportunity to the assessee does not nullify the …