ITAT Chennai held that reopening of assessment in absence of any failure on the part of the assessee to disclose material facts necessary for the assessment and without any new tangible material is untenable in law.
ITAT Ahmedabad held that benefit of exemption under section 11 of the Income Tax Act cannot be denied merely on account of delay in furnishing of audit report in Form No. 10B.
ITAT Mumbai held that expenses booked upto the date of survey cannot be treated as bogus only for the reason that the expenses were accounted in the books of account subsequent to the date of search.
ITAT Mumbai held that as per first proviso to section 56(2)(vii)(b), where date of agreement fixing amount of consideration for transfer of property and ate of registration is not same, the stamp duty value on the date of allotment is to be taken.
ITAT Delhi held that benefit of deduction under section 80IA of the Income Tax Act eligible for interest income earned on fixed deposit.
ITAT Delhi held that disallowance of genuine claim of depreciation merely because the depreciation figure is not reflected in column no. 45 of ITR is unsustainable in law. Action of lower authorities of disallowing the genuine claim of depreciation on a very flimsy reason is unjustified.
ITAT held that income of the assessee which is already taxed in one head cannot be taxed under any other head by the Revenue Department.
The appeal involves eligibility of an educational institution for exemption under section 10(23C)(iiiab) of Income Tax Act. It is observed that educational institution in question is substantially financed and meets criteria for exemption under section 10(23C)(iiiab) of Income Tax Act.
Assessees must thoroughly discharge initial onus under section 68. Until assessee does so, AO is under no obligation to conduct further inquiries.
ITAT Kolkata nullified addition due to late issuance of Notice under Section 143(2) of Income Tax Act. ITAT concluded that Notice was sent beyond specified deadline, making assessment void ab initio.
