ITAT Kolkata dismisses Nikhil Commosales Pvt. Ltd.’s appeal, permitting revival if the assessee’s application under the Vivad Se Vishwas Scheme 2024 is unsuccessful.
Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and hence, the same was not a case for initiation of penalty proceedings u/s. 270A.
Analysis of Section 263 proceedings in a case involving a builder and developer. Learn why the PCIT directed reassessment for AY 2016–17 and key judicial observations.
Learn how the PCIT correctly invoked Section 263 of the Income Tax Act due to the AO’s misapplication of law in taxing Stamp Duty Valuation and Unexplained Investment. Explore detailed analysis of Section 56(2)(x), Section 69, and key judicial precedents.
In the matter abovementioned ITAT Banglore held that interest earned by the assessee from the co-operative banks/commercial bank is considered under the head income from other sources, relief to be granted to the assessee u/s 57 in accordance with law.
ITAT Pune cancels penalty imposed on Balbir Kaur Birdie for non-compliance with tax notices, citing reasonable cause due to COVID-19 and technical issues.
ITAT Ahmedabad upholds ₹4.64 crore addition under Section 69A due to unexplained bank transactions and lack of cooperation from the assessee in tax proceedings.
ITAT Pune rules that taxpayers must disclose cash-in-hand, bank balances, and receivables, even under the Presumptive Taxation Scheme, for accurate tax assessment.
ITAT Ahmedabad upholds CIT(A) decision in DCIT vs Asian Granito India Ltd., disallowing tax additions under Section 14A and suppression of sales allegations.
ITAT Mumbai rules in favor of Sterling Court CHS, allowing Section 80P(2)(d) deduction on interest from cooperative banks. Read the full case summary.
