Latest Itat updates from LegalRepublic.in.
ITAT Hyderabad quashes Section 148 notices for assessment years 2016-17 to 2019-20 for want of Section 149(1)(b) conditions, while partly sustaining additions on unaccounted cash receipts.
ITAT Hyderabad set aside Section 148 notices for three years as barred by limitation, and directed the AO to restrict additions to entries supported by corroborative evidence.
The Jodhpur Bench followed Supreme Court precedent in Jindal Steel to hold that SEB consumer rates, not generation-company tariffs, are the correct benchmark for captive power transfer pricing under section 80-IA.
The Ahmedabad Tribunal dismissed all twelve Revenue grounds covering transfer pricing, forex hedging losses and R&D deductions, while partly allowing Cadila Pharmaceuticals' cross-appeal.
ITAT Ahmedabad allows assessee's cross-appeals across four assessment years, dismisses Revenue's challenge to 100% section 80-IC deduction for Baddi Unit after substantial expansion.
Mumbai ITAT allowed a HUF's appeal for AY 2012-13, holding that land 17-18 km from Pune's municipal limits retained agricultural character and fell outside the capital asset definition.
Mumbai ITAT dismisses Revenue appeals challenging deletion of Rs 16.95 crore Section 68 addition on alleged bogus LTCG from Global Infratech and Finance Limited shares across multiple assessees and assessment years.
The Ahmedabad ITAT held that a reward of Rs 8.16 crore received from the US Securities and Exchange Commission for whistleblowing was taxable income, rejecting windfall and capital receipt arguments.
The Ahmedabad ITAT remanded on-money additions totalling crores against multiple members of the Popular Group, holding a single handwritten loose sheet could not sustain Section 69A additions without corroborative evidence.
ITAT Hyderabad deletes Rs 4.10 crore in additions and sets aside retrospective cancellation of registration for Jamia Osman Bin Affan Education Society.
The Bangalore Bench resolves five substantive disputes for Atria Convergence Technologies for AY 2016-17, covering optical fibre charges, section 14A, network acquisition, goodwill, and debenture redemption premium.
The Pune Bench directed the Assessing Officer to recompute income using a single chronological peak credit ledger drawn from all seized handwritten and digital cash books, deleting gross on-money and Section 69A additions.
The Bangalore Bench resolves five substantive disputes for Atria Convergence Technologies for AY 2016-17, allowing goodwill depreciation and non-compete depreciation while remanding connectivity charges and network acquisition.
The Pune Bench set aside separate additions on gross on-money receipts and Section 69A peaks, directing the Assessing Officer to recompute income using a single chronological peak credit ledger.
Ahmedabad ITAT remands on-money additions against Popular Group sellers, holding a handwritten loose sheet without cash trail or corroboration cannot sustain section 69A additions.
ITAT Hyderabad sets aside assessments for AY 2022-23 and AY 2023-24, finding the order time-barred and third-party seized material insufficient to sustain additions under Section 56(2)(x).
ITAT Delhi Bench G dismissed Revenue's appeals across multiple years for Pilot Industries and Ardee Industries, deleting additions on purchases and warranty expenses while quashing assessments for breach of Section 148B.
