The ITAT Delhi upheld the deletion of a ₹39.83 crore addition to Santosh Trust, ruling that its cash deposits during demonetization were explained by regular fee collections
ITAT Bangalore upholds the deletion of a Section 56 addition. The sale of jewellery inherited through a will constitutes a long-term capital gain, allowing the assessee to claim a Section 54F deduction.
Kolkata ITAT has ruled that an unsigned assessment order is invalid, even if electronically authenticated. ITAT emphasized that signing and authentication are distinct legal requirements.
ITAT Ahmedabad rules that capital gains are taxable only upon the execution of a registered sale deed, not a POA, and an AO’s addition in the wrong AY is invalid.
The Delhi ITAT has remanded an ex-parte tax assessment, directing the AO to re-examine additions for unexplained investment and creditors after giving the taxpayer a fresh hearing.
ITAT Bangalore rules that cooperative societies can claim Section 80P deduction on interest from other co-ops, but not from scheduled commercial banks.
ITAT Bangalore upholds a Section 263 revision. An AO’s assessment order that silently accepts cash deposits and property sources, without proper inquiry, is erroneous.
ITAT Bangalore upholds that a cooperative society can claim an 80P deduction on income enhanced by disallowances like NPA and reserve provisions, directing the AO to recompute.
The Delhi ITAT has ruled that an inadvertent error in Form 35 cannot be grounds for dismissing an appeal. The case involves a 30-day delay, which the court found was not fatal.
The ITAT Kolkata deleted a penalty under Section 271(1)(c), finding that an assessee’s retracted admission during a search was not supported by incriminating material.
