ITAT Mumbai rules that penalty under Section 271(1)(c) of the Income Tax Act cannot be levied on ad-hoc estimated income, dismissing Revenue’s appeal in ITO vs. Ashok Industrial Corporation.
Section 263 could not be used merely to impose a different view on the estimation rate. Since the declared income exceeded the presumptive tax threshold, there was no loss to revenue, making the revision unjustified.
ITAT Ahmedabad deletes addition of ₹6.16 lakh under Section 69A for unexplained jewellery, considering joint ownership of locker and affidavit from the daughter.
ITAT Mumbai ruled on Dev Engineers Vs DCIT, deleting penalties under Sections 271(1)(c) and 271AAB. Additions were based on estimation, lacking evidence of concealment.
ITAT Delhi rules that interest on enhanced land acquisition compensation under Section 28 is part of compensation, not taxable income, exempting it from TDS provisions.
ITAT Chennai rules that RRB Energy Ltd. cannot be used as a comparable due to negative margins and functional differences in a transfer pricing case.
ITAT Pune rules that the tax department cannot deny exemption under Section 11 for non-filing of the original 12A certificate when it is the custodian of such records.
ITAT Ahmedabad restores Section 10AA deduction despite late Form 56F filing, citing procedural compliance. Read about the case and key judicial precedents.
ITAT Mumbai grants ₹4.07 crore tax exemption under Section 10(23C)(vi) despite procedural delay in Form 10BB validation, overturning CIT(A)’s ruling.
ITAT Kolkata rules in favor of Kishore Trading Co., declaring the reassessment under Section 147 invalid due to lack of independent verification.
