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.
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.
