The ITAT Pune ruled that excess cash found during a business survey should be taxed as normal business income, not at the higher rate under Section 115BBE.
ITAT Pune upholds an estimated 8% profit on a grain merchant’s cash deposits of ₹2.61 crore, ruling against the taxing of the full amount as unexplained income.
The ITAT Ranchi quashed a Section 263 order, ruling that a tax revision cannot be based solely on an audit objection or for the re-examination of an issue already reviewed by the AO.
The ITAT Ranchi upholds an assessee’s appeal, ruling that the Assessing Officer must provide evidence to substantiate additions made solely based on ITS data.
AO was directed to consider the original return while deciding the case involving disallowance of excess deductions and house property loss claimed in revised returns for Assessment Year (AY) 2020-21 as the revised return had been filed by the assessee based on the wrong guidance of the tax advisors and had been brought to the notice of the AO.
ITAT Delhi held that circle rate couldn’t be applied as the property was sold under distress. Accordingly, matter remanded back to AO to determine fair market value of property taking into consideration that the sale was under distress.
The ITAT Hyderabad ruled that an adjustment under Section 50C is not a prima facie issue when title and valuation are disputed, mandating a DVO referral.
The ITAT Hyderabad ruled against taxing a temple’s gross donations, mandating expenses be considered. It also set aside a registration rejection due to non-compliance.
ITAT Ranchi quashes orders applying the 60% tax rate of Section 115BBE to A.Y. 2017-18, clarifying the amendment is effective from A.Y. 2018-19.
AO pointed out that the 118% gain from a single scrip in 15-16 months had no commercial justification, and Karma ISP was identified as a penny stock used to create fake exempt gains.
