AO taxed the said surrendered amount under the provisions of section 115BBE of the Income Tax Act. CIT(A) allowed the appeal of the assessee. Being aggrieved, revenue has preferred the present appeal.
ITAT Cuttack overturns ₹5.01 lakh addition, ruling business receipts are a substantiated source for cash deposits. Ad-hoc expense disallowance also deleted for AY 2017-18.
ITAT Chennai sets aside a best judgment assessment for a charitable trust, ordering a fresh hearing after noting prior Section 11 exemption and appellate procedural issues.
ITAT Indore sets aside ex-parte order under Section 144 for AY 2017-18, remands case to AO for fresh assessment after admitting additional evidence.
ITAT Raipur held that concessional tax rate benefit under section 115BAB of the Income Tax Act denied since Form 10ID filed after due date as specified under section 139(1) of the Income Tax Act. Accordingly, appeal dismissed.
ITAT Ahmedabad held that amount received as refund for surrender of Life Insurance Policy cannot be treated as unexplained money under section 68 of the Income Tax Act. Accordingly, appeal allowed and addition deleted.
ITAT Pune held that satisfaction note is required to be recorded u/s 153C for each assessment year and a consolidated satisfaction note recorded for different assessment years would vitiate the entire assessment proceedings. Accordingly, appeal of revenue dismissed.
ITAT Agra confirms ₹80.17 lakh addition as bogus LTCG from penny stock, citing lack of evidence and suspicious price jump in Yamini Investments shares.
ITAT Ahmedabad held that mere filing of return in response to notice u/s. 148 does not ipso facto justify the invocation of section 270A(2)(b), unless there is a demonstrable act of under-reporting in substance. Thus, penalty deleted as failure to furnish return u/s. 139(1) doesn’t constitute under-reporting.
ITAT Cuttack condones delay and restores appeal in case of estimated income on cash deposits due to lack of representation before CIT(A).
