ITAT Delhi held that re-assessment proceedings under section 147 of the Income Tax Act initiated due to change of opinion without having any fresh material on record is liable to be quashed. Accordingly, appeal of revenue dismissed.
Delhi High Court held that imposition of penalty under section 271DA of the Income Tax Act is justifiable since there is no inordinately and inexplicably delay in initiation of penalty proceedings. Accordingly, writ dismissed.
Delhi High Court held that reassessment order is liable to be set aside as it was based on information that was fully examined in the earlier round of reassessment u/s. 147 r.w.s. 144B of the Income Tax Act. Accordingly, appeal allowed and order set aside.
ITAT Ahmedabad held that penalty u/s.271AA of the Income Tax Act cannot be levied without specifying the required documents failed to be maintained/furnished by the assessee. Thus, appeal of the revenue dismissed.
ITAT Jaipur held that invocation of revisionary proceedings u/s. 263 of the Income Tax Act not sustainable since AO duly verified investment and payment of ESI/PF.
ITAT Chennai restored the matter back to the file of AO since CIT(A) failed to consider the additional evidence which was sought by AO. Accordingly, matter restored back to the files of AO for fresh adjudication.
ITAT Jaipur held that since there is neither error of law nor of facts, the twin condition as required to revise the assessment order is not met out and hence invocation of revisionary power under section 263 of the Income Tax Act is not sustainable in law.
Supreme Court held that the penalties imposed by the National Consumer Disputes Redressal Commission [NCDRC] are regulatory in nature and do not constitute “debt” under the IBC. Thus, penalty imposed by NCDRC needs to be complied with.
ITAT Bangalore held that penalty order under section 272A(2)(e) of the Income Tax Act has to be passed within reasonable time. Since, the penalty order is not passed within reasonable time, the same is liable to be quashed.
ITAT Jaipur held that once the jewellery and silver articles are considered as belonging to the family as a whole, there does not remain any unexplained gold jewellery. Hence, addition towards unexplained gold jewellery is liable to be deleted.
