ITAT observed that the disallowance of expenses by the AO was on an estimate and ad hoc basis due to the absence of supporting evidence, rather than evidence of concealment of income. Referring to legal precedents, the ITAT emphasized that disallowance based on the magnitude of expenses or missing vouchers is insufficient to justify a penalty, especially without evidence of mala fide intent.
ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale consideration and stamp duty valuation.
ITAT upheld disallowance of the claimed expenditure, concluding that mere entries in books of account and inadequate invoices were insufficient to substantiate expenditure on property improvement.
Hyderabad ITAT grants additional opportunity to taxpayer to explain nature & source of cash deposits made during demonetization. Read full text.
In DCIT Vs Nilesh Shantilal Tank case, Mumbai ITAT confirms 12.5% gross profit margin on alleged bogus purchases as sales remain undisputed. Full text of the order included.
Trimbak Konher Patil vs ITO: Bangalore ITAT decision clarifies that if employees’ contributions are not paid on time as per PF Act, employer can’t claim deduction u/s 36(1)(va).
Mumbai ITAT’s ruling in Vijay Suresh Dave Vs DCIT regarding addition of unexplained cash credit u/s 68. Detailed analysis of the case and conclusions.
Discover how Chennai ITAT’s verdict affects assessments. Learn how a typographical error in Form 3CD impacts additions to an assessee’s income.
Learn how issuance of a jurisdictional notice in the name of a non-existing entity led to the quashing of reassessment proceedings by the ITAT Delhi.
Chennai ITAT’s ruling on Ramasubramaniam Sridhar Paul Vs ITO clarifies Sec.54F: no mandate on specific money usage for new investments under Capital Gain Account Scheme.
