ITAT Delhi held that addition under section 69A of the Income Tax Act towards cash deposited during demonetization period deleted to the extent of cash sales which is accepted. Accordingly, appeal partly allowed.
ITAT Mumbai held that revisionary order passed u/s. 263 of the Income Tax Act cannot be sustained to the extent AO duly examined the issue during scrutiny assessment proceedings and plausible view taken after proper application of mind.
It was held that Long-term capital gains on sale of “penny” stocks could not be treated as bogus & unexplained cash credit if the documentation was in order & there was no allegation of manipulation by SEBI or the BSE.
Bangalore ITAT revives a trust’s 12AB registration plea, stating that a religious label doesn’t disqualify a trust and directing fresh verification of charitable activities.
ITAT Bangalore rules that a rejection letter under Section 154 is an appealable order, directing the CIT(A) to hear the appeal on merits after it was dismissed on technical grounds.
ITAT Delhi rules an income tax assessment is invalid if the Section 143(2) notice was not issued in the CBDT’s mandatory revised format. This jurisdictional defect voids the entire assessment proceeding.
ITAT Delhi ruled Rasha Welfare Foundation’s EV initiative is charitable, not commercial, upholding 12AA & 80G registration. Focus on genuine activity, not incidental income.
ITAT Raipur sets aside additions against N.R. Ispat & Power Pvt. Ltd. citing lack of incriminating material in search proceedings for AYs 2010-11 to 2018-19.
The Bangalore ITAT directs the grant of a trust’s 12AB registration, ruling that low initial expenditure is not a valid reason for rejection. The court emphasizes that the genuineness of a trust’s activities is the key factor.
The Bangalore ITAT has quashed a 143(1) intimation against an educational trust, ruling the tax authority failed to provide the mandatory 30-day response period.
