ITAT Chennai quashed a penalty on cash payment of defaulted EMI, arguing that case presented a ‘reasonable cause’ under Section 273B.
ITAT Delhi held that imposition of penalty under section 271B of the Income Tax Act unsustainable as reasonable cause shown for non-submission of audit report.
ITAT Chennai held that as per the provisions of Sec.199(3) of the Act r.w.r.37BA(1) of the Income Tax Rules, 1962, credit for TDS shall be given for assessment year for which such income is assessable.
ITAT Kolkata held that in case where search has not been conducted upon the assessee, then penalty under section 271AAB of the Income Tax Act cannot be imposed.
Detailed analysis of recent ITAT Mumbai case, Narayan Devarajan Iyengar Vs ITO, where question of taxability of rent for alternative accommodation and hardship allowance was deliberated.
ITAT Kolkata held that amount meant to be transferred to reserve fund, as per section 45-IC of the RBI Act, very well falls in the definition of income of the assessee and accordingly, such amount is to be included for the purpose of computation of income under the Income Tax Act.
On appeal, the Tribunal concluded that the assessee could deviate from the earlier selected Most Appropriate Method if the new method was more in line with the applicable provisions.
ITAT directs re-adjudication of penalty imposed under section 270A of the IT Act for misreporting of income without the application of mind.
ITAT Ahmedabad held that addition on account of deemed dividend as per section 2(22)(e) of the Act unsustainable in the hands of non-shareholders.
ITAT Mumbai held that addition towards bogus purchases unsustainable if the alleged bogus purchases show gross profit higher than the regular gross profit.
