ITAT Delhi held that doubting the whole transaction of sale of shares as sham transaction merely on the basis of discrepancy in the record maintained by ROC not justifiable. Accordingly, appeal allowed stating that suspicion howsoever strong cannot taken place of evidence.
ITAT Pune rules unregistered trusts are taxed only on net income, not gross, even with ITR filing errors, emphasizing substantive justice.
ITAT Mumbai held that no addition can be made on the ground that notices issued u/s 133(6) of the Act were not replied. Accordingly, deletion of addition by CIT(A) is justified and appeal of department quashed to that extent.
ITAT Pune remands case regarding set-off of brought-forward business losses against deemed short-term capital gains from depreciable assets, citing judicial precedents and scope of Section 143(1).
Ahmedabad ITAT dismisses Jigar Patel’s appeal, affirming Rs. 49.55 lakh addition as unexplained cash credit from agricultural income, citing flood impact and lack of proof.
ITAT Kolkata has remanded the Senate of Serampore College’s tax exemption application to the CIT(E) due to an incorrect section code, allowing college to refile.
ITAT Nagpur condones delay in filing and remands income tax appeal by Amol Kolakar back to CIT(A) for fresh hearing on merits, citing principles of natural justice.
Pune ITAT deletes penalties under Sections 271(1)(c) and 270A for Sunil Chunilal Kumavat, citing non-specification of charges and reliance on Mohd. Farhan A. Shaikh.
Jaipur ITAT deletes Section 270A penalty on Jaipur Telecom, ruling excess depreciation and TDS interest claims were bona fide errors, not misreporting.
Pune ITAT deletes Section 270A penalty on Advik Hi-Tech Pvt. Ltd., ruling non-disclosure of adjusted IT refund interest was an inadvertent error, not under-reporting.
