ITAT Indore Judgments — May 2022

The Tribunal held that the assessee had provided sufficient evidence, including confirmations, cheques, and audited accounts, to establish the genuineness and creditworthiness of the share application money. Therefore, the additions made under Section 68 were unjustified.

The assessee expressed no intention to pursue the current appeal as their application under the Vivad se Vishwas Scheme was accepted. The Tribunal granted permission to withdraw the appeal.

The Tribunal held that the revision order passed by the PCIT under Section 263 was not sustainable as the Assessing Officer had made necessary inquiries and investigations before passing the assessment order. The assessment order was not erroneous or prejudicial to the interest of the revenue.

The Tribunal permitted the assessee to withdraw the appeals as per the 'Vivad se Vishwas' scheme. The appeals were dismissed as withdrawn.

The Tribunal permitted the assessee to withdraw the appeals as per the 'Vivad se Vishwas' scheme. The appeals were dismissed as withdrawn.

The tribunal allowed the assessee to withdraw the appeal as per the 'Vivad se Vishwas' scheme. The appeal was dismissed as withdrawn.

The Tribunal held that the disallowance of employee PF/ESI contributions was incorrect and allowed the deduction. Regarding TDS credit, the Tribunal found it should be allowed in the year the income is assessable but remanded the issue for verification.

The Tribunal held that the CIT(A) was justified in allowing a new claim for excess application of income from earlier years, as appellate authorities can entertain such claims. It also held that repayment of loans for acquiring assets constitutes application of income for the year of repayment, especially before the prospective amendment effective from AY 2022-23.

The Tribunal held that the appellate authorities can entertain a new claim made for the first time, citing the Supreme Court decision in Goetze (India) Ltd. The Tribunal also allowed the repayment of loan as an application of income, following its own earlier decision.