ITAT Delhi held that expenditure incurred wholly and exclusively towards transfer of shares is allowable transfer expenses as per section 48 of the Income Tax Act.
Held that the mere fact that the assessment order has been passed in a cryptic manner, by itself cannot make the order erroneous or pre-judicial to the interest of Revenue Accordingly revisionary powers under section 263 of the Income Tax Act not invocable.
Madras High Court held that the expiry of e-way bill doesn’t create any scope of tax evasion Accordingly there can be no revenue loss in absence of tax evasion Only penalty up to INR 5000 can be levied.
ITAT Kolkata held that interest u/s 201(1A) of the Income Tax Act for late deposit of TDS amount is not leviable as TDS amount was duly deposited within the due date however, due to technical glitch the bank could not remit the amount immediately to the account of the department.
ITAT Surat held that mere deduction of TDS or mere payment by account payee cheque doesn’t make non-genuine transaction a genuine one.
ITAT Rajkot held that as notices were served to e-mail ID of old income tax practitioner of the assessee, assessee was not aware of the issuance of the same and hence didn’t replied Held that penalty u/s 271(1)(b) of the Income Tax Act cannot be imposed when assessee proves that there was reasonable cause for the failure.
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HC Held that, rejection of appeal merely because of delay of one day is such a hyper technical and pedantic view of the matter to hold that even the delay of one day would be fatal to the maintainability of the appeal.
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