Incorrect Form 3CD reporting led CPC to treat rental income and capital gains as business income. The Tribunal ruled that such mismatches cannot justify additions without verification.
The Tribunal ruled that interest from co-operative bank deposits is attributable to business activity and eligible for deduction under Section 80P(2)(a)(i). The disallowance of ₹8.98 lakh was ordered to be deleted.
ITAT Chennai held that a Section 148 notice issued by JAO after 29.03.2022 is invalid, as the faceless assessment scheme is mandatory, nullifying the reassessment order.
ITAT Kolkata ruled that cash advances discovered during a survey must be assessed as business income, not unexplained cash credit under Section 68, making the exercise tax-neutral.
ITAT Mumbai ruled that detailed records, including Demat statements and contract notes, proved the genuineness of penny-stock transactions, nullifying additions under Sections 68 and 69C.
ITAT Surat allowed a company to avail concessional tax rates under Section 115BAA despite a minor delay in filing Form 10-IC due to portal issues, emphasizing a practical approach.
Chennai ITAT ruled that a 148 notice issued by JAO post-CBDT faceless scheme notification is invalid, quashing reassessment and penalty. The tribunal confirmed that only notices issued by the Faceless Assessment Unit are legally valid.
ITAT Chennai annulled the Section 148-based reassessment for AY 2018-19 because the notice contravened the e-assessment scheme under Sec.151A. The ruling reinforces mandatory compliance with faceless notice issuance.
ITAT Pune held that the CIT(A) failed to adjudicate key legal grounds, including wrong AO jurisdiction and missing Document Identification Number. Entire order under Section 144 r.w.s. 263 was set aside for reconsideration with proper hearing.
The ITAT ruled that a Section 148 notice issued by a Jurisdictional AO after 29.03.2022 is invalid because, under the Faceless Reassessment Scheme, only the Faceless Assessing Officer can issue such notices. The entire reassessment was therefore quashed as without jurisdiction.
