ITAT Pune held that delay caused by lack of proper legal advice and dependence on tax consultants constituted reasonable cause. The matter was remanded for fresh adjudication on Section 80P deduction.
ITAT Mumbai accepted part of the assessee’s explanation that cash used for credit card payments came from family members. The Tribunal relied on income tax returns, bank statements, and affidavits while granting partial relief.
The Tribunal held that full disallowance of purchases was not justified where corresponding sales and quantitative stock records were accepted. ITAT sustained only estimated disallowance at 12.5% of disputed purchases.
ITAT Raipur held that additional evidence such as C-Forms cannot be relied upon by the appellate authority without giving the Assessing Officer an opportunity to examine it. The matter was remanded for fresh adjudication.
Mumbai ITAT restored appeals dismissed for 179-day delay after observing that the assessee had relied bona fide on his Chartered Accountant. The Tribunal granted another opportunity in the interest of justice and fair play.
ITAT Rajkot held that reassessment proceedings were invalid because the approving authority merely stated Yes, I am satisfied without independent application of mind. The Tribunal treated Section 151 approval as a mandatory procedural safeguard.
ITAT Delhi held that the Assessing Officer could not substitute the fair market value of shares without specifically rejecting the assessee’s DCF valuation report. The Tribunal deleted the Rs.4.14 crore addition made under Section 56(2)(vii)(b).
The ITAT restored the ₹1.36 crore stock valuation addition to the AO after finding that the assessee’s Weighted Average Cost method under AS-2 and ICDS-II was never properly examined. The Tribunal directed fresh verification of inventory valuation records.
The ITAT Chandigarh ruled that receipts from sale of fly ash constituted taxable business income as they arose directly from the assessees power generation activity. The Tribunal held that subsequent credit to a statutory fund amounted only to application of income.
Mumbai ITAT held that reassessment under Section 147 cannot be initiated merely by reviewing records already examined during original scrutiny. Absence of fresh tangible material made the reopening legally invalid.
