The Hyderabad ITAT held that incomplete data retrieved from an inoperative computer could not prevail over audited books of account. It deleted the addition after finding no evidence of suppressed receipts or unexplained expenditure.
The ITAT Delhi held that a consolidated satisfaction note covering several assessment years without year-specific analysis failed to satisfy the mandatory requirements of Section 153C. It quashed the assessment and dismissed the Revenue’s appeal.
The ITAT Kolkata held that reassessment completed without issuing the mandatory notice under Section 143(2) was a nullity in law. Since the original assessment was invalid, the revisionary proceedings under Section 263 could not be sustained. The appeal of the assessee was allowed.
The Mumbai ITAT held that interest received by an Indian branch from its overseas head office and branches is not taxable under the domestic law as it represents transactions with self. The Tribunal applied the principle of mutuality and dismissed the Revenue’s challenge.
ITAT Delhi held that receipts from hiring conference and auditorium facilities constituted business income under Section 11(4A) as the charitable society actively provided commercial facilities beyond passive letting. The assessee’s appeals were dismissed.
The ITAT observed that recording satisfaction for one penalty provision cannot substitute the statutory requirement for initiating proceedings under Section 271D. The penalties were therefore set aside following the Supreme Court’s decision in Jai Laxmi Rice Mills.
ITAT Ahmedabad held that an arithmetical mistake committed by the assessee’s consultant did not amount to misreporting of income under Section 270A(9). The penalty was cancelled as there was no misrepresentation or suppression of facts.
The Tribunal affirmed the CIT(A)’s order annulling assessments because the search was not conducted in the assessee’s name. It also noted that the Revenue’s appeals were not maintainable due to the low tax effect.
The ITAT held that the Supreme Court’s COVID-19 limitation extension did not apply to statutory timelines for completing income-tax assessments. It dismissed the Revenue’s recall application and upheld the earlier order quashing the assessment as time-barred.
The ITAT Raipur held that estimated gross profit addition on unrecorded sales cannot be sustained when the Assessing Officer has not rejected the books of account under Section 145(3). The Tribunal deleted the addition after finding the assessment contrary to settled legal principles.
