Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling
Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai
Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares
Interest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under Section 194A: ITAT Mumbai
Liabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961: ITAT Delhi
Income offered by Husband and Wife separately in the ITR & TDS credit claimed by Husband Only: ITAT Mumbai allows the TDS Credit
Addition towards cash deposits during demonetization deleted by ITAT as it was adequately explained based on the facts and nature of the business
Stamp duty valuation under Section 50C or 43CA cannot be substituted & only the actual sale consideration should be reduced from WDV for depreciation purposes
The failure to issue a show cause notice constituted a significant procedural defect – Assessment Order quashed by Bombay HC
Assessing Officer is not required to examine the commercial expediency of the transaction while evaluating the explanation U/S 68: Delhi HC
