The ITAT Chandigarh has quashed an assessment based on a WhatsApp chat, citing lack of mandatory approval and insufficient evidence. The tribunal upheld the deletion of a Rs. 1.12 crore addition for unexplained investment, emphasizing that digital communication alone requires corroboration.
Delhi ITAT cancels PCIT’s revision u/s 263 against faceless assessment, ruling it cannot be used for fishing enquiries. Order restores NFAC’s original assessment.
ITAT Delhi upheld reassessment u/s 147 for cash deposits during demonetisation. Demon deposits issue remanded to AO; GP on non-demon deposits reduced from 8% to 4%.
ITAT Mumbai has remanded a case back to AO, ruling that CIT(A) erred in accepting a 5% profit margin without supporting evidence or comparable cases.
Kolkata ITAT ruled that a late-filed audit report is a procedural lapse, not a reason to deny an educational society’s tax exemption under Section 10(23C).
The ITAT Delhi has partially allowed an appeal by an accommodation entry provider, reducing the assessed commission rate and upholding a penalty for a delayed tax audit report.
ITAT Kolkata cancels a Section 144 assessment, ruling that the foundational Section 143(2) notice was invalid for failing to comply with mandatory CBDT instructions on scrutiny formats and jurisdictional limits.
The ITAT Mumbai upheld deletions of additions made under Section 68, ruling that share trading losses and profits, declared as business income and supported by documentation, could not be treated as unexplained income based solely on penny stock allegations.
ITAT Delhi rules against double taxation, deleting a Rs.50.18 lakh addition after finding that cash deposits were sourced from sales already accepted and taxed.
ITAT Bangalore rules against using high-turnover IT giants as comparables for smaller captive service providers in transfer pricing, citing scale and brand value differences.
