ITAT Mumbai held that revision under section 263 of the Income Tax Act unjustified as AO while allowing the exemption in the order passed under section 144 r.w.s.263 has taken a possible view upon verifying the details available on record.
The burden lies on the assessee to explain each day of the delay, and the tribunal underscored that the appellant did not substantiate her claims adequately. The reasons for the delay were deemed not bona fide and reasonable, leading to the rejection of the appeal for condonation of delay.
Read ITAT Mumbai’s order in Mitren Natvarlal Thakkar vs. DCIT case. Assessing typographical errors, ITAT dismisses tax evasion claims. Details in the full text.
Explore ITAT Ahmedabad’s order in DCIT vs. Vimal Kanubhai Patel case. Onus on Income Tax Dept to provide evidence for taxing foreign bank credits of NRI. Full text available.
ITAT Delhi directs reassessment as notice issued to individual, not HUF, in late Pitam Singh’s case. Analysis of the grounds and implications of the decision.
Charitable Registration cannot be cancelled even if gross receipts exceeds threshold limit prescribed in proviso u/s 2(15) of Income Act, 1961 and For that particular year alone, the assessee’s activities would not to be construed as charitable activities and assessee would be subjected to tax as a normal business assessee.
ITAT Bangalore held that the provisions of section 68 of the Income Tax Act cannot be applied in relation to the sales receipt of preference shares shown by the assessee in its books of accounts as sales receipt has already been shown in the books of accounts as income/loss at the time of sale only.
ITAT Bangalore directs re-evaluation of ex-parte assessment order on alleged bogus purchases by Kalu Singh. Detailed analysis and implications of the decision.
ITAT Mumbai held that the assessee is not liable to deduct tax at source from the discount paid on prepaid sim card/recharge vouchers. Thus, disallowance made u/s 40(a)(ia) of the Income Tax Act liable to be deleted.
Explore the ITAT Bangalore order in the case of I&B Seeds Pvt Ltd vs ACIT, directing re-adjudication on the claimed depreciation for goodwill arising from a slump sale.
