ITAT held that the appellate order passed without hearing the assessee violated natural justice. The case was remanded with directions to provide proper opportunities.
ITAT Ahmedabad ruled that a notice under section 148 issued beyond the statutory period is invalid, quashing a ₹115 crore reassessment of a share-trading company. The Tribunal emphasized adherence to “surviving time” limits, making the reassessment void.
ITAT Ahmedabad held that a section 263 revision cannot proceed if the AO issuing section 148 notice lacks territorial jurisdiction, emphasizing the need to first decide jurisdictional validity.
Tribunal relied on Supreme Court’s Checkmate ruling to uphold disallowance of delayed employees’ PF/ESI contribution under Section 143(1), dismissing the HUF’s appeal.
Tribunal observed failure to produce books of accounts and remitted matter to AO, emphasizing proper compliance and opportunity to present evidence.
The Tribunal allowed a 193-day delayed appeal, emphasizing that non-deliberate delay should not bar hearing on merits. The assessee can now present his case and have the appeal adjudicated substantively.
ITAT held that absence of earlier evidence led to addition under section 68. Now, assessee allowed to submit all books, bank statements, and capital accounts, subject to compliance conditions.
The Income Tax authorities treated LTCG from Kappac Pharma shares as unexplained cash credit. The Tribunal confirmed the transactions were genuine, supported by demat and broker records. The addition under Section 68 and related commission expenses were deleted.
ITAT Rajkot held that cash reflected in 26AS represents pass-through freight receipts, not actual turnover. Commission income below the audit threshold, hence tax audit under section 44AB was not required and penalty u/s 271B deleted.
ITAT partly allowed appeal against additions under section 144, applying 6% net profit instead of AO’s 8% on total cash deposits. Returned income under section 44AD was deducted, and normal tax rates applied instead of section 115BBE.
