The ITAT Ahmedabad upheld the deletion of a ₹1.17 Lakh addition made under Section 68 for alleged penny stock gains, ruling that the taxpayer had incurred a Short Term Capital Loss and had not claimed any exempt LTCG u/s 10(38),
ITAT Surat condones delay in appeal against an increased capital gain demand under Sec. 143(1), ruling the delay was justified by the assessee’s pursuit of rectification remedy.
ITAT Kolkata restricts disallowance of painting business expenses to 20%, ruling that entire disallowance for lack of vouchers was excessive given the ongoing business activity.
ITAT Indore remands assessment orders for AYs 2013-14 to 2018-19 to the AO for de novo consideration, finding that non-compliance during proceedings occurred due to the COVID-19 pandemic and an inoperative email ID, violating natural justice.
ITAT Delhi sets aside reassessment, ruling the PCIT’s ritualistic S. 151 approval for S. 148 notice invalidates the proceedings; “mechanical approval is fatal.”
ITAT Delhi deletes ₹11.54 crore addition on loan transactions, ruling the S. 147 reassessment invalid and confirming “suspicion is not proof” for genuine loans.
Delhi ITAT rules reassessment valid due to Assessee’s HC undertaking, but deletes Rs. 8.31 Cr addition, finding Revenue failed to prove raw material purchases were bogus.
ITAT Delhi dismisses Revenue appeal, holding an investor’s LTCG from stock exchange transactions as genuine, reaffirming “suspicion is not substitute for proof.”
The ITAT Delhi bench, in a batch of 75 appeals led by Kosi Aviation Leasing Ltd., held that lease rentals received by Irish aircraft lessors from Indian airlines constitute profits from the operation of aircraft (Article 8 of the India-Ireland DTAA), not interest income (Article 11).
ITAT Mumbai rules Section 205 protects taxpayers. TDS credit cannot be denied due to Form 26AS mismatch caused by deductor’s default or non-deposit.
