ITAT Bangalore held that penalty order under section 272A(2)(e) of the Income Tax Act has to be passed within reasonable time. Since, the penalty order is not passed within reasonable time, the same is liable to be quashed.
ITAT Jaipur held that once the jewellery and silver articles are considered as belonging to the family as a whole, there does not remain any unexplained gold jewellery. Hence, addition towards unexplained gold jewellery is liable to be deleted.
The assessee acts as a corporate agent for Max Life Insurance Company in respect of marketing it’s insurance policies. The assessee charges commission from Max Life in lieu of rendering such services.
Assessee was specifically asked to justify its claim as the agreement had to be with (a) Central Government (b) State Government (c) Local Authority or (d) Statutory Authority and LMRCL did not fit in any of the four categories.
ITAT Ahmedabad upholds deduction of GST interest & late fees, ruling they are compensatory, not penal. Read the key observations & legal precedents cited.
ITAT Visakhapatnam sets aside penalty on Malla Appalaraju under Section 271(1)(c) due to a defective notice, ruling it void ab initio.
ITAT Mumbai rules on Radiant Life Care’s appeal against disallowance under Section 14A of the Income Tax Act. Key interpretation of Rule 8D(2)(ii) discussed.
ITAT Mumbai rules CBDT notification cannot deny S. 80IB(10) deduction to SRA projects approved before 01/04/2004, citing legislative intent.
ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual misconception is liable to be quashed. Accordingly, appeal allowed and order u/s. 263 quashed.
