A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing limits could speed up appeal disposal and reduce backlog.
The Tribunal held the assessment invalid as no mandatory notice under Section 143(2) was issued. The key takeaway is that absence of such notice renders the entire assessment void.
Tribunal ruled that a single approval letter covering several assessment years violated statutory requirements. Key takeaway: Section 153D requires separate, reasoned approvals for each year.
Income Tax appeal dismissed. Tribunal upholds CIT(A)’s order allowing 8% profit estimation on Kirana store turnover against unexplained bank deposits.
ITAT Lucknow quashes penalty u/s 271B for failure to file audit report, stating incorrect grounds for penalty initiation.
ITAT Lucknow rules that penalty under Section 271(1)(c) cannot be imposed for disallowance of Section 80P deduction due to legitimate, disclosed claims.
Read about Pahari Mata Sahkari Awas Samiti Ltd. Vs ACIT (ITAT Lucknow). The Commissioner (Appeals) cannot dismiss the appeal for non-prosecution and must decide on merits.
Time City Real Estates (India) Limited Vs PCIT (ITAT Lucknow) In the present case, ITAT noted that the Assessing Officer had carried out sufficient enquiries and this is not even a case of lack of enquiry. Further the Hon’ble Supreme Court in the case of Malabar Industrial Co. has held that for assumption of jurisdiction […]
No Addition of Cash Deposit During Demonetisation Period under section 69A If Cash Deposit Is Part of Receipts Shown on Presumptive Basis and When the Part of Cash Deposit in Pre Demonetisation-Period Was Accepted.
ITAT held that Addition under section 68 of Income Tax cannot be made for purchases as purchases is an expense which is debited in books and not a loan or deposit which is credited in books
