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No addition for explained demonetization currency deposited in Bank

July 17, 2024 591 Views 0 comment Print

In the case of Mewar Hospital Pvt. Ltd. Vs ACIT (ITAT Jodhpur), Bench ruled no addition for explained demonetization currency deposited in bank, validating proper accounting practices.

No Addition if Accounts Supported by Affidavit Remain Uncontroverted: ITAT Jodhpur

July 17, 2024 765 Views 0 comment Print

Dhanpat Raj Khatri Vs ITO (ITAT Jodhpur) If the explanation based on accounts supported by affidavit is not controverted, no addition should be made.

Section 263 revisional order without issuing SCN is void ab initio

July 17, 2024 606 Views 0 comment Print

ITAT Jaipur quashes PCIT order in Yesh Dagas case, citing violation of natural justice principles. Key points of the judgment and implications discussed in detail.

ITAT Sets Aside CIT(A)’s Order for not providing fair & reasonable opportunity

July 17, 2024 759 Views 0 comment Print

ITAT Raipur order on Rajesh Kumar Tiwari vs ITO. ITAT sets aside Income Tax reassessment completed without providing fair & reasonable opportunity

Non-Filing of GST Return by Supplier – Assessment Reopening Validity- ITAT Mumbai Order

July 17, 2024 1548 Views 0 comment Print

Read the detailed analysis of Karrm Infrastructure Pvt. Ltd. vs. CIT at ITAT Mumbai. Learn why ITAT ruled that non-filing of GST by suppliers can’t justify reopening an assessment after 4 years.

Identity of Parties & Genuineness of Land Transaction Established: ITAT Deletes Addition

July 16, 2024 552 Views 0 comment Print

Explore the full text of the ITAT Ahmedabad order where Neo Structo Construction Pvt. Ltd. successfully challenges a ₹3 Cr addition by ACIT. Detailed analysis provided.

Finalized Assessment Cannot Be Reopened for Property Deed Re-registration

July 16, 2024 954 Views 0 comment Print

Once an assessment has been finalized for a particular year, reassessment cannot be justified merely due to subsequent procedural events like re-registration of property deeds.

ITAT allows Food and Liquor Costs incurred for Business Meetings

July 16, 2024 3936 Views 0 comment Print

Read the detailed analysis of ITAT Delhi’s decision in Rhine Energy LLP vs Assessment Unit, allowing expenses on Buffet Dinner, Liquor, and Govt Taxes as business promotion under section 37(1) of IT Act.

No issuance of reopening notice on mere suspicion of Bogus Unsecured Loan: ITAT Kolkata

July 16, 2024 1176 Views 0 comment Print

Read the full text of the ITAT Kolkata order in Keshav Shroff Vs ITO (AY 2016-17). Analysis shows why mere suspicion isn’t enough for an IT notice.

Old Loans Converted into Share Allotment Not Unexplained Money: ITAT Kolkata

July 15, 2024 660 Views 0 comment Print

Read ITAT Kolkata’s full text order on Sachdev Steel Pvt. Ltd. Vs ITO. Learn why old loans converted into share allotment were deemed legitimate under the Income Tax Act.

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