ITAT Mumbai rules in Farhat Yusuf Shaikh case—book entries and AIR data alone not enough to justify additions under Sections 68 and 69 of the IT Act.
Supreme Court ruling on cash property deal cites wrong tax law (269ST instead of 269SS), but mandates reporting of large cash transactions to IT dept.
Karnataka High Court rules Section 263 cannot be invoked solely due to the absence of a DVO report, if best judgment assessment was an option.
ITAT Lucknow rules audit fee provisions are not allowable unless liability accrues; EPF disallowance sent back for verification.
ITAT Pune rules one-time membership and share fees as capital receipts for Veershaiv Cooperative Bank, reversing lower authority’s revenue classification.
ITAT Pune grants partial relief in cash deposit case during demonetization under Section 69A. Dispute centered on unexplained deposits of ₹21.4 lakh.
ITAT Pune quashes PCIT’s Section 263 order against Shree Balaji Associates, stating AO made inquiries; no lack of inquiry found.
ITAT Pune rules mere execution of a development agreement without transfer of possession doesn’t trigger capital gains tax. Follows Bombay HC precedent.
To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act has framed presumptive taxation scheme under section 44ADA
ITAT Surat rules penalty under Section 272A(1)(d) must be limited to first default, not per notice. Penalty reduced to ₹10,000 due to partial non-compliance.
