Delhi ITAT rules India-Hong Kong DTAA exchange of information clause not retrospective, quashing assessments beyond limitation period in Sanjay Jain Vs DCIT case.
Delhi ITAT sets aside a Section 263 revision after ruling the underlying reassessment order was void from the start. Reassessment initiated during active regular assessment period is invalid.
Delhi ITAT nullifies an assessment, ruling that an Assessing Officer lacks jurisdiction without a valid Section 127 transfer order. Absence of the order makes proceedings invalid, affirming procedural adherence.
The Kerala High Court ruled that cash loans exceeding Rs. 20,000 violate the Income Tax Act and are not legally enforceable under the NI Act, emphasizing digital transactions and penalizing non-compliance.
ITAT Ahmedabad ruled remuneration to partners cannot be disallowed solely due to an unnotarized or backdated supplementary partnership deed, upholding partner remuneration claims.
ITAT Ahmedabad dismisses assessee’s jurisdictional objection in N.S. Pandya vs ITO, upholding assessment as no prior address change or return filing was proven.
Madras High Court rules that mere disallowance of a deduction does not automatically attract penalty under Section 271(1)(c) of the Income Tax Act.
ITAT Mumbai rules that compensation received for a “right to sue” is not taxable as capital gains, citing Section 6 of the Transfer of Property Act and the non-transferability of such a right.
ITAT Bangalore sets aside cash deposit addition for Anilraddi Karakalli, allowing new evidence for fresh AO review. The case concerns unexplained cash deposits and contract work income.
ITAT Mumbai reverses disallowance of Rs.1.58 Cr legal and professional fees for Avitel Post Studioz Limited, holding it as revenue expenditure incurred for business purposes, not capital.
