The ITAT Mumbai deleted a penny stock addition, ruling that the income tax department’s reliance on suspicion and a general investigation report was insufficient to dislodge the assessee’s proof of genuine transactions.
The ITAT Mumbai has ruled that brought-forward business losses cannot be set off against short-term capital gains from the sale of depreciated assets, upholding the disallowance.
ITAT Delhi upheld the disallowance of setting off brought-forward business losses against short-term capital gains from the sale of depreciated assets, clarifying the inapplicability of Section 41(2).
The ITAT Mumbai quashed a penalty against an assessee, ruling that the penalty order was time-barred as it was issued beyond the limitation period specified under Section 275(1)(c).
The ITAT Delhi deleted a demonetisation-related cash deposit addition for a jeweller, ruling that Section 68 doesn’t apply to recorded sales and that a profit cannot be taxed twice.
ITAT Delhi deleted penalties against Sahara India Commercial, citing a defective “omnibus” notice and a time-barred, invalid reassessment based on “borrowed satisfaction.”
ITAT Delhi held the reopening of an assessment invalid for Viramgam Mahesana Project Limited, ruling against borrowed satisfaction and a “change of opinion” by the Assessing Officer.
ITAT Visakhapatnam ruled a temple trust cannot claim Section 12A exemption for years prior to its registration, unless assessment proceedings were already pending.
The ITAT Chandigarh directed the grant of a 12AA registration to a temple trust under state control, emphasizing that a trust deed is not essential when the state governs its administration.
ITAT Visakhapatnam ruled a temple trust without 12A registration cannot claim capital expenditure as a deduction, upholding a revisional order under Section 263.
