No penalty u/s.271(1)(c) can be imposed in respect of inadvertent and bona fide mistake committed by the assessee.
ITAT find that jewelry has been found during the course of search from the possession of the assessee. The jewellery was inventorised. The claim of the assessee that this has been received as a gift from relatives and friends is not at all substantiated but merely remained a claim. In view of this we do not find any infirmity in the orders of the learned lower authorities in confirming the addition of Rs. 1,867,098/– u/s 69B of the act after granting benefit of 500 g of gold jewellery to the assessee in terms of CBDT instruction number 1916.
Read the detailed analysis of ACIT Vs Tata Autocomp case by ITAT Pune. Disputed deduction of Rs.2.64 crore for Administrative Service charges, resolved in favor of the assessee.
Explore ITAT Pune resolution in ACIT vs. Rohan & Rajdeep case. Deduction dispute u/s 80IA(4) for infra projects analyzed. Reopening validity examined.
Explore the ITAT Delhi ruling in Neelam Dhingra vs. DCIT. Invalid reassessment notice against a deceased person. Legal fallacies leading to quashing of the order.
ACIT Vs Rameshbhai Jivrajbhai Desai (ITAT Ahmedabad) During the course of assessment proceedings, the Assessing Officer initiated penalty proceedings under Section 271(1)(c) of the Act. The Ld. AR submitted that the assessment order passed under Section 153A of the Act was held to be void ab initio and thus there is no addition in the […]
If an agreement for sale of immovable property is not registered, it does not amount to transfer in view of the 2001 amendment carried out to section 55A of the Transfer of Property Act and also simultaneous amendments to section 17(1A) and 49 of the Registration Act, 1908
Aditya Saraf HUF Vs ITO (ITAT Delhi) It is observed, as per the investigation conducted in relation to the shares of the company, on which, the assessee offered long term capital gain, it was found that it is a penny stock company. It was also found that due to price manipulation and rigging, there was […]
Baljeet Yadav Vs PCIT (ITAT Jaipur) It is evident from the assessment order and impugned order that the assessee’s case was selected for scrutiny under CASS for examination of cash deposits made in the bank during the demonetarization period. It is prima facie not clear whether it was a limited scrutiny case or a detailed […]
Sant Tukaram Sahakari Sakhar Karkhana Ltd. Vs ITO (ITAT Pune) We find the issue of payment of excessive price on purchase of sugarcane by the assessee is no more resintegra in view of the judgment of Hon‟ble Supreme Court in CIT Vs. Tasgaon Taluka S.S.K. Ltd. (2019) 103 taxmann.com 57 (SC). The Hon‟ble Apex Court […]
