ITAT Chandigarh held that cash deposits during demonetization could not be treated as unexplained income since the amounts were recorded as sales turnover in the books and supported by VAT returns.
ITAT Rajkot held that revision under section 263 was not sustainable where the Assessing Officer had already conducted extensive verification of agricultural income and expenses. The Tribunal observed that detailed notices, documentary evidence, and independent inquiries were part of the original assessment proceedings.
ITAT Nagpur held that nominal donations received in small amounts could not be treated as non-voluntary contributions merely because PAN or full address details of donors were unavailable. The Tribunal found no adverse evidence questioning the genuineness of donations or activities.
The Delhi High Court held that reassessment proceedings under Section 148 were invalid where the Assessing Officer sought to make the same additions already annulled by the CIT(A). The Court upheld the Tribunal’s decision quashing the reassessment order.
ITAT Mumbai deleted the addition under Section 56(2)(vii)(b) after holding that a 2.3% variation between agreement value and stamp duty value fell within the permissible tolerance band applicable retrospectively.
SC dismissed Revenue’s challenge against Calcutta HC ruling that reassessment proceedings based only on suspicion and investigation reports were invalid under Section 147.
The Calcutta High Court held that reassessment proceedings cannot be reopened merely on suspicion arising from investigation reports. The Court ruled that “reason to believe” must be based on independent application of mind and material evidence.
The Bombay High Court held that blocking of Input Tax Credit under Rule 86A automatically ceases after one year. The Court ruled that continued restriction beyond the statutory period was illegal and arbitrary.
Bombay High Court held that short deduction of TDS under a different provision does not trigger disallowance under Section 40(a)(ia). Court ruled that only cases of non-deduction or non-payment of TDS attract provision.
ITAT Hyderabad held that rural agricultural land situated beyond 8 kilometres from municipal limits cannot be taxed as a capital asset merely because the purchaser later used it for commercial plotting. The Tribunal ruled that future use by the buyer does not alter the land’s character in the seller’s hands.
