Kolkata ITAT rules Section 143(2) notice not conforming to CBDT format is invalid, quashing the assessment and subsequent revision order for Nadia District Central Cooperative Bank.
Kolkata ITAT rules Section 143(2) notice without specifying scrutiny type is invalid, leading to quashed assessment for Durga Automotives.
ITAT Mumbai rules that compensation received for a “right to sue” is not taxable as capital gains, citing Section 6 of the Transfer of Property Act and the non-transferability of such a right.
ITAT Bangalore sets aside cash deposit addition for Anilraddi Karakalli, allowing new evidence for fresh AO review. The case concerns unexplained cash deposits and contract work income.
ITAT Mumbai reverses disallowance of Rs.1.58 Cr legal and professional fees for Avitel Post Studioz Limited, holding it as revenue expenditure incurred for business purposes, not capital.
ITAT Bangalore sets aside CIT(E)’s unreasoned rejection of 80G approval for Hanumad Janma Bhoomi Teertha Kshetra Trust, directing fresh consideration of its charitable activities.
ITAT Bangalore dismisses Revenue appeals, ruling no TDS required on salary reimbursement for seconded employees. The court determined the Indian entity was the economic employer, and payments were not for technical services.
ITAT Mumbai ruled in favor of an assessee, allowing a short-term capital loss on share sales, stating that documented transactions aren’t bogus merely due to a scrip being labeled as “penny stock.”
ITAT Raipur remands tax appeals for Brajesh Singh Bhadoria, citing ex-parte orders and natural justice violations. The ruling emphasizes the right to be heard and the proper adjudication of merits at the first appellate level, referencing key judicial precedents.
When sales were not doubted, entire purchases could not be disallowed merely on the ground that suppliers were non-genuine, it was deemed appropriate to restore the matter back to the file of AO for carrying out limited verification and addition should be restricted to profit estimation.
