Cuttack ITAT cancels penalties under sections 271D and 271E, ruling that the Assessing Officer must record satisfaction in the assessment order before initiating penalty proceedings.
The Mumbai Income Tax Appellate Tribunal quashes penalties for being time-barred and invalidates a reassessment notice, clarifying key tax law provisions on limitation and sanctioning authority.
The ITAT Cochin bench ruled that receiving cash for property at registration violates Section 269SS, overturning a prior decision.
The ITAT Lucknow tribunal clarifies that charitable trusts can utilize accumulated income without first spending their current-year income, as per Section 11(2).
The ITAT Lucknow tribunal rules that an accommodation entry provider can only be taxed on its commission income, not the entire amount of routed funds, a clarification of Section 68.
Lucknow ITAT confirms penalty under section 271B, ruling that a taxpayer is responsible for timely tax audit completion and report submission, and blaming the CA is not a valid defense.
The ITAT Bangalore ruled that a CIT(A) cannot make additions on grounds not specified in the original reopening notice, setting aside additions on share trading deposits.
The ITAT Bangalore ruled that income from sun-dried raisins is agricultural income, exempt from tax, if a farmer uses traditional methods without machinery.
The Mumbai ITAT set aside a PCIT’s revisionary order against Procter and Gamble, ruling the AO’s original inquiry was adequate and not a basis for revision.
The ITAT Mumbai restricted a bogus purchase addition to the profit element, distinguishing the case from a prior ruling because the assessee provided a source for the payments.
