Category: ITAT

Mere higher cash deposits during demonization period does not make explanation of cash sales as bogus and unsustainable – ITAT In a recent judgment, ITAT has deleted additions holding that merely that certain cash deposits were made by assessee during demonization period and such deposits were on a …

Additions based on statement recorded u/s 132(4) without considering Retraction Affidavit with evidences deleted In a recent judgment, ITAT has deleted additions which were based on only statement recorded u/s 132(4) and without taking note of the Retraction Affidavit filed by the assessee with relevant evidences. ABCAUS Case …

Interest income on fixed deposits of the surplus funds put in FDRs cannot be treated as business income but income from other sources – ITAT In a recent judgment, ITAT Interest income on fixed deposits of the surplus funds put in FDRs cannot be treated as business income …

Income tax demand will be enforced qua the assets, if any, left behind by the deceased assessee – ITAT In a recent judgment, ITAT has held that income tax demand will be enforced qua the assets, if any, left behind by the deceased assessee as section 159(2) contemplates …

Revision order u/s 263 upheld as substantial amount of cash was deposited in the bank accounts of all the investors shortly prior to issuance of cheques for share application money In a recent judgment, ITAT has upheld the revision order u/s 263 passed by the PCIT as substantial …

To make additions u/s 68 for unexplained cash credits, all three limbs must be proved/established In a recent judgment, ITAT has dismissed the appeal of the Revenue and upheld the order passed by the CIT(A) that to make additions u/s 68 for unexplained cash credits, all three limbs …

Kachha Arthia not entitled to credit for TDS wrongly deducted against his PAN In a recent judgment, ITAT has held that Kachha Arthia not entitled to credit for TDS wrongly deducted against his PAN ABCAUS Case Law Citation:ABCAUS 3919 (2024) (03) ITAT In the instant case, the assessee …

The ITAT remands the assessment order passed ex-parte as the assessee was illiterate housewife and widow and did what husband asked to do with regard to her financial affairs In a recent judgment, the Hon’ble ITAT has set aside and remanded the order passed ex-parte as the assessee …

No relief admissible u/s 89(1) for compensation received on termination of employment due to closure of plant  In a recent judgment, the Hon’ble ITAT has held that no relief admissible u/s 89(1) towards compensation received on termination of employment due to closure of plant ABCAUS Case Law Citation:ABCAUS …

Mere use of term Islamic world or Islamic Scholars in objects would not make trust created only for a religious community or cast – ITAT In a recent judgment, the Hon’ble ITAT has held that mere use of term Islamic world in objects and particularly the Islamic Scholars …