Category: ITAT

AO cannot use reverse computation of gross payment using TDS amount to determine the amount disallowable u/s 40(a)(ia) – ITAT In a recent judgment, ITAT Delhi has held that the AO cannot resort to reverse mechanism using TDS amount to determine the gross amount of payment to workout …

Once loans were repaid in subsequent assessment years with cogent evidences then the addition u/s 68 of the Income Tax Act cannot be made – ITAT Guwahati In a recent judgment, ITAT Guwahati has held that once the assessee has established that loans were repaid in the subsequent …

Once PCIT restores assessment to AO for denovo consideration, AO is obliged to independently apply mind without influenced by the remarks of PCIT – ITAT In a recent judgment, ITAT Jabalpur has observed that once PCIT restores matter back to the file of the AO for denovo consideration, …

When value of items traded differs it cannot be taken as basis for computing the stock position specially when quantitative details available – ITAT  In a recent judgment, ITAT Delhi deleted GP rate addition holding that the value of each item traded may differ and cannot be taken …

In the absence of enquiry on discrepancy in turnover between tax audit report vis-à-vis turnover disclosed in P&L account, order of AO was erroneous and prejudicial to the interest of the revenue. In a Recent judgment, ITAT Surat has held in view of discrepancy in the figure of …

Registration u/s 12A cannot be rejected simply on the basis of mentioning of a wrong section code which is a curable defect – ITAT  In a recent judgment, ITAT Amritsar has held that registration under section 12A cannot be rejected simply on the basis of mentioning of a …

Receipt of immovable property from relative is not taxable u/s 56(2)(x) and cannot be brought o tax u/s 68 for difference in stamp duty valuation and value declared in gift deeds. In a recent judgment, ITAT Chennai has held that receipt of immovable property from a ‘relative’ is …

Rejecting condonation of delay and dismissing appeal without verifying medical certificates – ITAT sets aside order of CIT(A) In a recent judgment, ITAT Lucknow set aside the order of the CIT(A) as he rejected the assessee’s request for condonation of delay without conducting any independent inquiry regarding the …

Addition u/s 68 can not be made applicable where there is no fresh receipt of unsecured loans at all during the year – ITAT In a recent judgment, Agra ITAT has held that addition u/s 68 of the Act could be made applicable where there is no fresh …

Amount of taxes on sales comprising in turnover to be excluded while computing gross receipts for estimating net profit – ITAT In a recent judgment, ITAT Hyderabad directed AO to exclude the amount of taxes collected on sales comprised in turnover, while computing gross receipts for the purpose …