The ITAT Raipur has set aside an addition under Section 68 on a salaried employee’s demonetization cash deposit, citing a lack of evidence by the CIT(A).
ITAT Hyderabad partly allows Revenue’s appeal in Net Net Ventures case. Rs.7 Cr addition deleted; Rs.1.47 Cr and Rs.1.73 Cr issues remanded for verification.
The ITAT Pune restores a case for fresh assessment after an updated tax return was filed with errors by a consultant, ruling that a taxpayer cannot be taxed on income they did not earn.
ITAT Chandigarh restored an AO’s assessment order, quashing a PCIT’s revisionary order that doubted agricultural income despite adequate inquiry and documentary evidence.
A summary of the Sachin Notified Area vs. PCIT tax case. The ITAT Surat remanded the issue for fresh adjudication, citing a prior ruling in the assessee’s favor.
ITAT Chennai invalidates reassessment under Section 148 as notice issued by Jurisdictional AO post 29.03.2022 violated faceless procedure.
ITAT Hyderabad held that levy of late filing fee u/s. 234E of the Income Tax Act for 1st, 2nd, and 3rd quarter TDS return in Form 26Q not justified since all the 3 quarter returns filed on or before due date of filing 4th quarter return and reasonable cause shown. Accordingly, appeal allowed.
ITAT Mumbai rules in favor of Ramesh Dhuri, deleting Rs.4.84L addition under Section 56(2)(x)(b)(B) due to retrospective 10% tolerance limit.
The Income Tax Appellate Tribunal (ITAT) Mumbai has invalidated the reassessment against Sunidhi Securities & Finance Limited, citing an incorrect sanctioning authority for the Section 148 notice. The case centered on a reassessment initiated for alleged bogus trading losses, which the Tribunal deemed null and void based on the judicial precedent set by the Supreme Court.
ITAT Mumbai, allowed a taxpayer’s claim for a long-term capital gains exemption, ruling that date of possession, not date of agreement, is crucial factor for Section 54 of Income Tax Act.
