ITAT Ahmedabad held that passing of revisionary order by PCIT u/s. 263 of the Income Tax Act without giving proper and adequate opportunity of being heard to the assessee is liable to be set aside.
Certain expenses related to cost of improvement of land put forward by assessee were disallowed noting lack of proper and sufficient evidence to support claims of cost incurred for improvement of property.
ITAT Jaipur condoned delay of 108 days in filing of an appeal, however, imposed cost of Rs. 8,000/- to be deposited in ‘Prime Minister Relief Fund’ (PMRF) as the appellant was not diligent enough to timely file an appeal.
Summary of ITAT Raipur decision in Satish Agrawal vs. ITO. The case concerns denied exemption under Section 54F of the Income Tax Act for AY 2014-15.
ITAT Bangalore held that disallowance of agricultural expenses based on estimation is unsustainable without concrete evidence, ruling in favor of A.S. Srinath (HUF).
ITAT Bangalore rules that deemed dividend u/s 2(22)(e) can’t be assessed by double deeming unless the assessee receives a direct benefit from the company’s payment.
ITAT Bangalore condoned delay of 601 days on the ground that assessee was not having access to mail id mentioned in Form 35 and hence assessee was not aware about ex-parte passing of appellate order. Thus, delay condoned on reasonable cause shown.
ITAT Bangalore held penalty initiation under Sections 271D/271E must be noted in assessment order; temporary family loans without interest are not penalized as deposits.
ITAT Hyderabad held that CIT(A) without examining the historical/ empirical data of expenditure incurred by the assessee for rectification / repair of transformers cannot approve the provision thereof. Accordingly, matter remanded back to CIT(A).
ITAT Bangalore rules against adhoc expense disallowance without rejecting books of accounts, citing Karnataka HC’s stance in Konkan Marine Agencies case.
