ITAT Delhi held that addition under section 69A on account of income from undisclosed source sustained in assessee deliberately failed to produce all the books of accounts and no material evidence furnished by the assessee.
AO, however, did not accept the explanation of the assessee and the accumulation of income of Rs.5,92,352/-in A.Y. 2008-09, which was held as not applied within the stipulated period of 5 years, was treated as income of the current year.
Madras High Court directs department to consider the reply filed by the petitioner on blocking the GST Electric Credit Ledger which was not considered by the department at the time of passing impugned order.
ITAT Ahmedabad quashed the reassessment proceedings under section 147 of the Income Tax Act as intraday profit is less than limitation of Rs. 1,00,000/- for reopening of assessment u/s. 147 of the Act.
ITAT Chandigarh held that since Form 67 has actually been filed within extended date of filing the return of income hence Foreign Tax Credit (FTC) claimed by the assessee is granted.
ITAT Mumbai held that issuance of notice under section 148 of the Income Tax Act in contravention of the provisions of section 151, as the sanction of the concerned Specified Authority was not obtained, is void abinitio and bad in law.
Madras High Court held that finalizing of assessment without considering reply and in absence of personal hearing is against the principles of natural justice. Accordingly, order set aside.
ITAT Cochin held that disallowance under section 14A read with rule 8D of the Income Tax Rules in a mechanical manner without recording proper satisfaction is unsustainable in law. Accordingly, addition set aside.
ITAT Cochin held that denial of registration u/s. 80G to the existing trust alleging belated filing of application applying sub clause (iii) of proviso to section 80G(5) unjustified as the same apply to newly formed trust only.
ITAT Chennai held that interest earned out of savings bank account maintained in a co-operative bank cannot be treated as income or dividend from investment and accordingly deduction u/s. 80P(2)(d) of the Income Tax Act not eligible.
