Ahmedabad ITAT restores Kajal Co-op Society case to AO. AO must verify if plots are stock-in-trade or capital assets before applying Section 50C and adding ₹1.1 Cr.
ITAT Ahmedabad deletes ₹25.66 Lakh addition u/s 68, holding cash deposits explained as regular collections from trade debtors cannot be treated as unexplained credits when AO presents no contrary evidence.
Ahmedabad ITAT set aside a ₹13.86 lakh penalty u/s 270A after the quantum appeal was restored to the CIT(A) for a fresh decision, citing the consequential nature of penalty.
ITAT Chennai quashes assessment because the notice u/s 143(2) was issued by a non-jurisdictional AO after jurisdiction transfer u/s 127 was effective. Jurisdictional error is fatal; entire assessment declared void ab initio.
ITAT Delhi deletes Rs. 52.65 Cr notional interest addition, affirming only real income is taxable. It allows Rs. 20.18 Cr theft loss and Rs. 12.09 Cr flood/expiry loss on unsaleable inventory.
Delhi ITAT ruled that a Rs. 3.74 Cr tax addition on suppressed profit was illegal. Extrapolating income beyond the search date without evidence is impermissible.
Pune ITAT set aside a CIT(E) order, ruling that a wrong clause in Form 10AB isn’t fatal. Directs CIT(E) to allow rectification & reconsider 12AB registration/80G approval.
Pune ITAT set aside a CIT(E) revision against PYC Gymkhana, ruling the AO’s view was plausible since business receipts were below the 20% limit in Section 2(15) Proviso (ii).
Delhi ITAT ruled that Pratt & Whitney’s overseas aircraft engine repair is not Fees for Technical Services (FTS) as it fails the DTAA’s “make-available” test. The ₹242 Cr demand was deleted.
Pune ITAT set aside a PCIT’s Section 263 revisionary order against Ravindra Chavan, ruling the “Hear the Other Side” rule was breached by relying on un-confronted material.
