ITAT Chennai ruling in Gunaseelan Janaki Radha Vs ITO, dictating credit entries in current and savings accounts to be treated as gross receipts from business transactions, with an applicable profit rate of 8%
ITAT Indore judgement in Mohan Yadav Vs ITO case, focusing on necessity of issuing notice under section 143(2) of Income Tax Act within a prescribed time limit.
ITAT Amritsar in Abdul Hamid Khan Vs ITO, deleted an ex parte addition made during the COVID-19 pandemic under Section 68 of Income Tax Act
ITAT Pune’s verdict in the case of Jayashri Shrikant Deshmukh Vs ACIT, underlining the importance of plausible explanation in cases involving Section 69A of the IT Act.
ITAT Mumbai held that when appellant objects to the adoption of stamp duty value in terms of section 50C(1) of the Income Tax Act as full value of consideration, AO is under obligation to refer the matter to the valuation officer under section 50C(2) of the Income Tax Act.
ITAT Kolkata remanded the matter back to AO for the purpose of verification of documents and materials placed on record in respect of anonymous donations as well as the explanation for receipt of hall rent and accommodation so as to allow the claim of exemption u/s. 10(23C)(iiiad) of the Act.
ITAT Delhi held that the deduction u/s 36(1)(va) of the Income Tax Act can be allowed only if the employees’ share in the relevant funds is deposited by the employer before the due date stipulated in respective Acts.
ITAT Bangalore held that co-operative bank is liable to furnish AIR only after 01.04.2016 in view of amendment under Rule 114E of Income Tax Rules, 1962. Accordingly, imposition of penalty u/s 271FA prior to 01.04.2016 is unsustainable.
ITAT Indore held that reassessment proceedings initiated u/s 148 stood abated by virtue of search and seizure action u/s 132(1). Hence, reassessment order passed thereon u/s 147 is illegal.
ITAT Kolkata held that addition towards difference between figure of gross receipts reported and figure reported in Form 26AS is unsustainable as the difference is merely because figure reported in Form 26AS was inclusive of service tax component.
