The ITAT Mumbai ruled that a penalty cannot be levied on additions made on an estimated basis. The case of Khodiyar Impex vs. ITO clarified that a 3% disallowance on alleged bogus purchases doesn’t constitute concealment of income.
The ITAT Bangalore has ruled that the levy of late fees under Section 234E is invalid for periods before June 1, 2015, as the legal framework was not in place.
ITAT Kolkata dismisses revenue’s appeal, ruling that repaid unsecured loans cannot be treated as unexplained cash credits under Section 68 of the IT Act.
ITAT Kolkata rules that non-compliance with summons by investors is not a valid reason to add share premium as unexplained income if the assessee provides full documentation.
The ITAT Delhi has ruled that a charitable society is eligible for a tax exemption, even with a delayed Form 10B submission due to a technical portal glitch.
A summary of the ITAT Kolkata ruling in the case of Laxmi Agarwal, a doctor, where the tribunal quashed a 60% tax levy on cash deposits.
ITAT Kolkata voids reassessment proceedings for Nirmalkunj Sales Ltd., ruling that the Section 148 notice was invalid due to improper sanction from a Pr.CIT instead of the required Pr.CCIT.
The ITAT Delhi has ruled that reassessment notices issued under Section 148 after the prescribed limitation cut-off date are invalid, providing relief to the assessee.
ITAT Bangalore confirms that the maximum marginal rate for discretionary trusts includes the highest applicable surcharge, regardless of the income amount, dismissing the assessee’s appeal.
The ITAT Chennai rules that the surcharge on a private discretionary trust’s dividend and capital gains income cannot exceed 15%, setting a precedent for similar cases.
