The Court ruled that “sufficient cause” must explain the entire limitation period, not just post-expiry delay. Negligence or inaction, including by government bodies, cannot justify ...

The Tribunal held that penalty under section 271(1)(c) cannot survive when the underlying addition is purely estimated. The ruling reinforces that estimation alone does not amount to furnishing ...

The Tribunal upheld depreciation on goodwill arising from amalgamation, relying on Supreme Court precedent. The ruling confirms that excess consideration recognized as goodwill qualifies for ...

ITAT held that a loan cannot be treated as unexplained merely on the basis of a third-party search statement. When confirmations, bank statements, and repayment evidence are on record, independent ...

The Tribunal held that Section 56(2)(viib) could not be applied once the assessee qualified as a company in which the public are substantially interested. The ruling clarifies that the charging ...

The Tribunal ruled that suspicion based on penny stock lists is insufficient to sustain additions. Revenue must prove real purchase and sale transactions through demat and banking ...

Revenue’s claim that manufacturing activity was artificially shifted to extend tax benefits was rejected. The Tribunal held that factual expansion and eligible profits were duly ...

With the reassessment notice quashed, the consequential assessment order and demand were automatically annulled. The ruling highlights that taxpayers cannot be burdened where initiation itself is ...

Upholding the CIT(A)’s order, the Tribunal held that settled law bars additions made without factual verification. The case ...

ITAT deleted disallowance of depreciation, loan interest, and fuel expenses after finding cars were registered in the company’s name. Ad-hoc personal use disallowance without evidence was held ...

The issue concerned an incorrect prayer reproduced in an appellate order. The Tribunal allowed correction and directed insertion of the proper prayer from the ...

The Tribunal held that for years where assessments were already completed, additions under Section 153A cannot survive without incriminating material found during search. Large additions based on ...