ITAT Ahmedabad rules that cash deposits made during demonetisation cannot be singled out and must be treated as business income, allowing an assessee’s appeal and deleting a Rs.26.57 lakh addition.
ITAT Ahmedabad dismisses Revenue’s appeal, quashing a Rs.ｹ116.01 crore bogus sales addition to Pel Industries Ltd. as the assessment reopening was invalid and time-barred.
ITAT Ahmedabad dismisses a trust’s appeal, sustaining a Rs.8.36 lakh tax addition. The trust was ineligible for Section 11 benefits as it lacked Section 12AA registration and served a specific community.
ITAT Mumbai ruled that forfeited share application money is a capital receipt, not taxable under Section 68. It also confirmed interest on business funds and disallowed ad-hoc expense additions.
The ITAT Ahmedabad ruled that a fall in gross profit alone cannot justify the rejection of an assessee’s audited books of account without the AO pointing out specific defects.
The ITAT Patna ruled that an assessee’s investment in property cannot be taxed as unexplained in the year of registration if the full payment was made in the previous financial year.
The ITAT Hyderabad dismissed an appeal by an assessee due to an inordinate delay of over six years, finding the reasons provided for the delay to be insufficient and lacking credible evidence.
The ITAT Bangalore deleted additions and expense disallowance for an agriculturist, holding that they are not required to maintain books and their substantiated agricultural income cannot be treated as unexplained.
The ITAT Hyderabad ruled that a penalty for under-reported income was invalid because the assessing officer made no fresh additions beyond the disallowance already made by the CPC.
The ITAT Hyderabad ruled that a registered document’s operative date is its signing and presentation for registration, not scanning, invalidating the tax authority’s reopening of assessment for AY 2017-18.
