ITAT Kolkata held that addition u/s 68 unwarranted as AO failed to conduct an independent enquiry post submission of documents by the assessee relating to identity, genuineness of the transaction, and credit-worthiness of the subscribers.
ITAT Pune held that penalty under section 271AAA of the Income Tax Act leviable as assessee failed to substantiate the source as well as the manner of the undisclosed income.
ITAT Jaipur held that penalty u/s 271B not leviable for mere delay of one day as such delay didn’t have any deliberate intention. The delay if any is on account the reasons on the technical letches on the portal and the same is venial in nature.
JCIT vs Amandeep Singh Bhatia: ITAT Indore dismisses revenue’s appeal, affirming CIT(A)’s deletion of Rs. 2,48,02,084/- addition as income from other sources. Detailed analysis provided.
Arvi Lights challenged a revision under section 263 of the IT Act regarding cash deposits during demonetization. ITAT Delhi found AO’s inquiries sufficient, supporting the original assessment.
ACIT challenged CIT(A)’s decision to reject the books of accounts and estimation of profit. ITAT Delhi found no errors in CIT(A)’s findings and dismissed the revenue’s appeal.
The penalty was levied for the non-disclosure of a life insurance policy held outside India in the income tax return. The ITAT ruled that the non-disclosure was a bonafide mistake and that the policy had been surrendered in the previous financial year.
ITAT disallowed the expenses claimed by by stating that a property not used for business purposes cannot be treated as a business asset. The property in question was sold and a new property was purchased using the proceeds. The expenses incurred on the new property, including watch & ward expenses and electricity expenses, were disallowed as the property was not shown as a business asset and depreciation was not claimed.
ITAT Delhi held that addition of sundry creditors u/s 68/69C of the Income Tax Act unsustainable as department failed to prove that the sundry creditors are bogus.
ITAT Hyderabad directs reexamination of TDS linkage, offering Country Club Hospitality & Holidays Limited a chance to avoid interest liabilities in a landmark ruling.
