The ITAT Ahmedabad deleted a Rs. 26.49 lakh addition, ruling that foreign remittances into an NRE account were a valid source for a property purchase.
The ITAT Ahmedabad deleted a ₹16.69 lakh addition, ruling that Section 69A cannot be invoked mechanically when the assessee provides evidence of business receipts.
ITAT Bangalore held that cash gifts received from relatives and friends during wedding cannot be treated as unexplained money u/s. 69A of the Income Tax Act merely because each donor is not individually verified. Accordingly, addition directed to be deleted.
ITAT Delhi held that order of special audit held to be void ab-initio since due procedure as mandated under the provisions of Sec. 142(2A) and Sec. 142(2C) of the Income Tax Act has not been followed.
ITAT Bangalore held that initiation of revisionary proceedings under section 263 of the Income Tax Act by CIT based on the recommendation of the AO is not maintainable. Accordingly, revisionary order set aside and appeal allowed.
ITAT Jaipur held that disallowance of professional fees merely for the reason that notice under section 133(6) of the Income Tax Act remained unserved is not justifiable since assessee has placed various evidences on record. Accordingly, appeal is allowed.
ITAT Panaji held that ad-hoc determination of taxable income without invoking special audit u/s. 142(2A) of the Income Tax Act not only jostled ad-hoc & irrational estimations but led to farfetched determination due to complexity of business. Accordingly, matter remanded back to AO.
The ITAT Delhi remanded a case to the CIT(A) to determine if the Assessing Officer had an independent belief to reopen an assessment, or if it was based solely on an audit objection. A dissenting opinion quashed the reopening as a change of opinion.
The ITAT Mumbai deleted an addition made under sections 69A and 69C, ruling that an addition based solely on loose papers and a third-party statement without corroboration is not valid.
The ITAT Bangalore ruled that late filing of Form 67 is not fatal to a Foreign Tax Credit claim, as the requirement is procedural, not mandatory.
