ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjust and unfair. Accordingly, matter restored back to CIT(A) for fresh adjudication.
ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustified since source of cash deposits duly explained. Hence, addition liable to be deleted.
ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do not receive payments in their own right.
ITAT Kolkata invalidates reassessment in Pradip Kumar Jajodia HUF case, citing lack of tangible evidence for alleged bogus LTCG on penny stock transactions.
ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sadashiv Karkare vs. ITO.
ITAT Ahmedabad sets aside CIT(A)’s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing for the taxpayer.
ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of proper hearing opportunities.
ITAT Pune confirms CIT’s order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. Appeals for AYs 2013-14 & 2014-15 dismissed.
ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexplained credit.
ITAT Pune remands appeal for reconsideration, citing leniency for a senior citizen taxpayer’s advance tax shortfall. Case to be decided on merits.
