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No penalty for higher gratuity exemption claim due to misunderstanding of law

October 6, 2024 1116 Views 0 comment Print

ITAT Nagpur quashed the penalty on Ravindra Kharche, finding no misreporting of income due to bona fide claims regarding gratuity exemption.

ITAT Mumbai Remands Case back to CIT(A) Due to Improper Notice by ITO

October 6, 2024 846 Views 0 comment Print

ITAT Mumbai remands case of Aravind Arunachalam Vellore against ITO for lack of proper notice and communication during appeal process.

Penalties should not be imposed for genuine errors or debatable claims: ITAT Pune

October 5, 2024 3441 Views 0 comment Print

Hon’ble ITAT Pune rules that penalties under Section 271(1)(c) should not be imposed for genuine mistakes or debatable claims in tax assessments.

No addition of unexplained jewellery as CBDT Instruction 1916 allows Jewellery Holding for other Family Members

October 5, 2024 9702 Views 0 comment Print

Assessee challenged CIT(A) order before the Bangalore Bench of ITAT arguing that 1450 grams of gold should not be considered unexplained as it fell within the permissible limits of CBDT Instruction No. 1916.

Notices issued through income tax portal only is not a valid service of notice: ITAT Chandigarh

October 5, 2024 15411 Views 0 comment Print

ITAT Chandigarh held that since notices were issued through ITBA portal only it cannot be treated as a valid service of notice. Accordingly, proceedings initiated under section 147/148 of the Income Tax Act is liable to be quashed.

Addition u/s. 68 matter send back for de novo proceedings due to unclear information: ITAT Bangalore

October 5, 2024 615 Views 0 comment Print

ITAT Bangalore held that addition under section 68 of the Income Tax Act towards unexplained money send back for de novo reassessment due to difference in amounts and unclear information.

Addition u/s. 69 against unexplained investment sustained in absence of sufficient evidences: ITAT Raipur

October 5, 2024 1200 Views 0 comment Print

The assessee is an individual, whose case for AY 2011-12 was reopened on the basis of AIR information available in the system of department, accordingly, a notice u/s 148 was issued on 30.03.2018 and served upon the assessee through RPAD.

Mere Entering into Development Agreement doesn’t Allow Section 45(2) Invocation: ITAT Jaipur

October 4, 2024 1251 Views 0 comment Print

ITAT Jaipur held that mere entering into the Development Agreement would not permit invocation of section 45(2) of the Income Tax Act. There is no positive act which indicates that the assessee has treated capital asset as stock-in-trade.

Addition of non-genuine labour charges unjustified as genuineness proved: ITAT Mumbai

October 4, 2024 960 Views 0 comment Print

During the course of search/survey operations, it was noticed that the assessee has paid labour charges to three concerns. Post investigation, AO came to the conclusion that the labour charges paid to the concerns were also not genuine.

Rejection of Exemption U/S 11 Unjustified as Form 10B Filed but Not Visible on E-Filing Portal

October 4, 2024 972 Views 0 comment Print

ITAT Bangalore held that rejection of exemption u/s. 11 of the Income Tax Act due to non-appearance of form 10B in e-filing portal unjustified as form was already filed but was not appearing in e-filing portal. Matter remanded for fresh consideration.

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