ITAT Ranchi Judgments — August 2023

The Tribunal held that the AO had wrongly made the addition for 80IA deduction as the assessee had suffered a loss and not claimed it. Regarding staff welfare expenses, the Tribunal found that lunch and dinner expenses were common and incidental for a large corporate and directed their deletion.

The Tribunal held that the AO had wrongly made the addition for 80IA deduction as the assessee had suffered a loss and not claimed it. Regarding staff welfare expenses, the Tribunal found that lunch and dinner expenses were common and incidental for a large corporate and directed their deletion.

The Tribunal held that the AO had wrongly made the addition for 80IA deduction as the assessee had suffered a loss and not claimed it. Regarding staff welfare expenses, the Tribunal found that lunch and dinner expenses were common and incidental for a large corporate and directed their deletion.

The Tribunal held that the AO had wrongly made the addition for 80IA deduction as the assessee had suffered a loss and not claimed it. Regarding staff welfare expenses, the Tribunal found that lunch and dinner expenses were common and incidental for a large corporate and directed their deletion.

The Tribunal held that despite the shares being identified as penny stock, the assessee had provided evidence of purchase and sale through banking channels. Following the jurisdictional High Court's decision, the Tribunal found the long-term capital gain to be genuine.

The Tribunal held that despite the shares being classified as penny stocks, the assessee had provided all necessary documentary evidence for the purchase and sale. Following the jurisdictional High Court's decision, the Tribunal found that the transactions could not be deemed sham solely based on the broker's involvement.

The Tribunal upheld the CIT(A)'s decision to delete the addition of unsecured loans. The CIT(A) had found that the assessee had provided sufficient evidence, and similar loans from the same lender were accepted in previous assessments.

The Tribunal found the addition of the entire cash deposit as unexplained income to be unreasonable given the nature of the assessee's business as a government contractor with numerous labourers. The Tribunal directed the Assessing Officer to estimate income at 10% on these deposits.

The Tribunal held that the Pr. CIT's exercise of jurisdiction under Section 263 was not sustainable as the AO had conducted a detailed investigation and taken a plausible view. The Tribunal quashed the order passed under Section 263.

The Tribunal upheld the Commissioner's decision, agreeing that the timber used for mine support is a recurring expense essential for the profit-earning process and not for acquiring an asset of a permanent character.

The Tribunal upheld the Commissioner's decision, agreeing that the timber used for mine support is a recurring expense essential for the profit-earning process and not for acquiring an asset of a permanent character.

The Tribunal noted that no assessment order had been framed pursuant to the revisionary direction. Accepting the assessee's contention regarding the expired limitation period, the Tribunal allowed the appeal to be dismissed as withdrawn.

The Tribunal upheld the CIT(A)'s deletion of Rs. 64,26,200/- related to alleged sales to Nanak Hi-tech Pvt. Ltd., finding that these were not actual sales but stock movements returned due to quality issues. The Tribunal also confirmed the sustained addition of Rs. 3,50,029/-.

The Tribunal upheld the CIT(A)'s deletion of Rs. 64,26,200/- related to alleged sales to Nanak Hi-tech Pvt. Ltd., finding that these were not actual sales but stock movements returned due to quality issues. The Tribunal also confirmed the sustained addition of Rs. 3,50,029/-.

The Tribunal held that income from dairy and fisheries should be treated as business income, as previously accepted by revenue authorities. Regarding capital gains, the Tribunal found that genuine transactions supported by documentation and banking channels cannot be treated as bogus solely based on hearsay or share price fluctuations.