Credit in assessee’s capital account consequent to book entry adjustments in the books of the partnership firm can not be added u/s 68 – ITAT In a recent judgment, ITAT Mumbai has deleted addition under section 68 of the Income Tax Act holding that credit in the assessee’s …

Non-compliance of summons issued u/s 131 by investing companies is no ground to make addition under section 68 of the Income Tax Act In a recent judgment ITAT Ranchi has held that mere non-compliance of summons issued u/s 131 of the Act and non production of the directors …

Assessee not obliged to demonstrate actual utilization of donation u/s 35(1)(ii) for scientific research made to an eligible institution In a recent judgment, ITAT Mumbai has held that Assessing Officer’s premise that the assessee must demonstrate actual utilization of the donation for scientific research betrays a fundamental misapprehension …

Phrase “genuineness of activities” has been interpreted liberally by various judicial forums including the ITAT and High Courts – ITAT In a recent judgment, ITAT Jodhpur has held that the phrase “genuineness of activities” has been interpreted liberally by various judicial forums including the ITAT and High Courts, …

If assessing officer rejects a reply, he had to offer an opportunity of personal hearing to the assessee– Allahabad High Court In a recent judgment, Allahabad High Court has held that in terms of section 144B of the Income Tax Act, once a reply had been filed, it …

Business decisions such as withdrawal and redeposit of cash fall within the domain of commercial expediency and AO cannot substitute his own business judgment In A Recent judgment, ITAT Agra has held that business decisions such as withdrawal and redeposit of cash, timing of payments to creditors, or …