ITAT Hyderabad held that the assessment was barred by limitation under Section 153. Only the actual period lost during search proceedings could be excluded, not the full 180 days.
ITAT Hyderabad remanded the capital gains issue for verification of demolition expenses under Section 48. The Tribunal directed the AO to examine evidence before allowing indexed cost.
ITAT Ahmedabad held that property payments were properly explained with bank records and affidavits. Additions under Section 69 for cash deposit and stamp duty were deleted.
ITAT held that cash loans taken for son’s education were bona fide and supported by evidence. Reasonable cause under Section 273B justified deletion of penalty.
ITAT Ahmedabad held that appellate authorities can entertain fresh legal claims even if not made in the return of income. BSNL VRS-2019 compensation was held exempt u/s 10(10B), and rejection by CIT(A) was set aside.
ITAT Lucknow held that additions under Section 68 in search cases cannot be made without incriminating material found during search. Penny stock LTCG additions were deleted and departmental appeals dismissed.
ITAT Lucknow held that revision under Section 263 cannot be invoked without specifying what enquiries the AO failed to conduct. As the PCIT did not spell out such deficiencies, the revision order was quashed.
ITAT Lucknow held that exemption under Section 10(23C)(iiiad) cannot be denied merely due to incorrect section selection in the ITR. The matter was remanded to the AO to examine eligibility on merits after proper hearing.
ITAT Mumbai deleted ₹6.15 lakh penny stock LTCG addition, holding investigation report and abnormal price rise insufficient without direct evidence linking assessee to accommodation entries.
The assessees long-term capital gains claim was upheld as genuine. In absence of direct evidence linking the assessee to manipulation, the Section 68 addition was deleted.
