Reiterating its view from K.S. Builders Pvt. Ltd., the Delhi HC held that both Jurisdictional and Faceless Assessing Officers have concurrent powers to issue reassessment notices under Section 148 of the Income Tax Act.
Delhi High Court’s ruling in Neena Wadhwa v. PCIT upholds the concurrent power of both the Jurisdictional Assessing Officer (JAO) and the Faceless Assessing Officer (FAO) to issue reassessment notices under Section 148, citing the binding precedent of T.K.S. Builders Pvt. Ltd..
ITAT Hyderabad deletes CPC adjustments for Caspian Impact Investments. Quashes double disallowance of Section 37(1) loss and Section 43B addition on transferred, carried-forward liability.
Hyderabad ITAT quashes ₹20.50 lakh tax addition based on medical college search documents. Rules third-party material needs corroboration and cross-examination.
ITAT Hyderabad restores appeal dismissed by CIT(A) due to late payment of Tribunal-directed cost. Rules substantive justice prevails, imposes additional ₹20,000 fine.
Pune ITAT rules CIT(A) wrongly applied new S. 251(1) proviso to remand a scrutiny assessment, which only applies to S. 144 orders. CIT(A) directed to decide the appeal on merits.
Pune ITAT deletes ₹2.74 Cr capital gains addition on land sale, ruling it was rural agricultural land exempt u/s 2(14). Followed precedent set in spouse’s identical case.
Tribunal holds that reasonableness under Section 40A(2)(b) must be benchmarked against prevailing market rates for unsecured loans, not against lower-risk secured bank rates.
ITAT Ahmedabad upholds PCIT’s Section 263 order, ruling that tax depreciation must comply with Explanation 10 to Section 43(1) and ICDS-VII. Unadjusted Government grants must reduce WDV, regardless of prior acceptance.
ITAT Delhi ruled on the unexplained cash deposit addition in Jitendra Singh Vs ITO (AY 2015-16). The Tribunal accepted the assessee’s explanation that the Rs.13
