ITAT Jodhpur rules that the CPC cannot deny an 80P deduction on belated returns for assessment years before 2021-22, as it lacked the authority under Section 143(1).
ITAT Mumbai has ruled that when sales are genuine but purchases are bogus, only the embedded profit, typically 3%, should be added to income. The tribunal dismissed a revenue appeal, confirming the principle that entire bogus purchases cannot be disallowed.
The Mumbai ITAT quashed a penalty under section 271(1)(c) against Ideal Energy Projects, citing that merely claiming a deduction is not furnishing inaccurate particulars.
Mumbai ITAT rules that late fees under Section 234E are applicable for delayed TDS statement filings that occurred after June 1, 2015, upholding a Rs. 85,200 penalty.
The case of the assessee was selected for limited scrutiny to examine the source of cash deposits made during the demonetization period. During demonetization period assessee had deposited a sum of Rs.30,00,000/- in her bank account on 16.11.2016.
ITAT Delhi held that addition on the basis of interest paid on cash loans received by the assessee is directed to be deleted. Accordingly, appeal of the assessee are partly allowed.
The ITAT Mumbai ruled that accrued interest in a loan sale is part of the purchase consideration, not interest. This means a borrower-lender relationship doesn’t exist, and TDS is not required.
ITAT Delhi ruled a CIT(A) order invalid, stating it had no jurisdiction once a superior authority (PCIT) had already allowed a revision under Section 264.
ITAT Mumbai sets aside a CPC rectification order, ruling it invalid due to a violation of Section 154(3) for enhancing income without a prior notice or hearing.
ITAT Chennai held that passing of an order in the name of dead/ deceased person is not sustainable in law. Accordingly, revisionary order passed by PCIT is liable to be quashed and set aside.
