ITAT Pune held that addition towards unexplained cash deposits partly allowed considering the nature of business. However, since full details were not furnished, part addition towards unexplained cash deposits was upheld. Accordingly, appeal partly allowed.
ITAT Bangalore set aside a CIT(A) order for mechanically dismissing an assessee’s appeal. The court ruled the CIT(A) must provide a basis for discarding an AO’s remand report.
ITAT Bangalore has ruled that reassessment proceedings initiated against a deceased individual are void. The tribunal stated that updating the tax portal is sufficient notice.
ITAT Pune held that interest income on enhanced compensation is contingent and hence not taxable under section 56(2)(viii) of the Income Tax Act. Accordingly, appeal of assessee allowed and order set aside.
ITAT Mumbai held that addition towards unexplained stock cannot be sustained merely relying on the statement without any corroborative evidence. Accordingly, addition set aside and appeal allowed.
ITAT Bangalore has set aside an ex-parte order from the CIT(A) after finding that hearing notices were sent to the wrong email address, denying the taxpayer a fair hearing.
ITAT Bangalore rules that a revised Foreign Tax Credit claim cannot be denied merely due to the late filing of Form 67, upholding the principle of avoiding double taxation.
ITAT Surat held that reopening of assessment under section 148 of the Income Tax Act without tangible material tantamount to change of opinion on the existing facts and the same is impermissible in law. Accordingly, appeal allowed and reopening quashed.
The application for approval under section 80G, though filed simultaneously, was rejected without any separate adjudication. The CIT(E) summarily disposed of the 80G application along with the 12AB rejection, without recording any satisfaction or finding in terms of section 80G(5).
ITAT Chandigarh held that addition towards bogus Long Term Capital Gain u/s. 153A of the Income Tax Act cannot be sustained in the absence of any incriminating material found during the course of search. Accordingly, appeal allowed and addition deleted.
