The ITAT Ahmedabad restored reassessment proceedings after the assessee produced documents showing disputed property sales and pending civil litigation. The Tribunal held that additions relating to capital gains required fresh examination where sale transactions themselves were contested.
ITAT Nagpur held that reassessment proceedings cannot survive without issuance of a mandatory notice under Section 143(2). The Tribunal ruled that participation by the assessee does not cure complete absence of statutory notice.
The ITAT Visakhapatnam held that an inadvertent withdrawal of the penalty appeal instead of the quantum appeal did not defeat settlement under the Vivad Se Vishwas Scheme. The Tribunal set aside the CIT(A) order and treated the appeal as withdrawn.
ITAT Chennai held that the assessee was denied reasonable opportunity when the CIT(A) dismissed the appeal in limine without permitting correction of technical defects in the condonation petition. The matter was restored for fresh adjudication.
The Tribunal ruled that only 8% of disputed purchases could be added where the assessee had disclosed corresponding sales and made payments through banking channels. Entire purchase disallowance was held to distort true business income.
The Tribunal ruled that capital gains on Transferable Development Rights must be computed after deducting the purchase cost of TDR from the sale consideration. The case was remanded because the assessee failed to submit documents before the AO earlier.
Mumbai ITAT held that genuine outstanding trade liabilities arising from accepted business transactions cannot be treated as unexplained cash credits under Section 68. The Tribunal ruled that once purchases and expenses are accepted, corresponding creditor balances cannot be taxed separately.
The Tribunal deleted penalty levied on society charges and depreciation disallowances after finding that the claims were fully disclosed in books and audited financial statements. It held that ad hoc disallowances alone cannot trigger concealment penalty.
Bangalore ITAT held that deduction under Section 43B cannot be denied merely because Form 3CD reflected GST payable on the audit report date. The Tribunal directed verification of subsequent payment made before the due date of filing the return.
The Tribunal ruled that bonus shares sold after being held for more than 12 months were taxable as exempt long-term capital gains and not business income. The assessees treatment of bonus shares as investments was accepted.
