Delhi ITAT rules bank passbooks are not books of account for Section 68 additions, quashing unexplained cash credit claims without assessee’s formal books.
ITAT Delhi allows real estate developer Sourya Towers to claim ₹64.72 Cr loss on an abandoned Amritsar project as a revenue deduction, overturning a disallowance.
ITAT Delhi deletes Rs. 14 lakh tax addition for Aquakiosk India, citing invalid reassessment notice and proven investment source from mutual fund switch-outs.
The ITAT Delhi ruled on ACIT vs. B.K. Sales Corporation, emphasizing that Assessing Officers must adhere to limited scrutiny parameters, disallowing additions outside the scope.
ITAT Delhi grants Asha Gupta final chance to prove Rs. 40 lakh unsecured loan genuineness, remanding case to AO for fresh adjudication.
ITAT Ahmedabad held that appellate authority has jurisdiction to entertain new claim. Accordingly, additional claim for deduction on account of ESOP is allowed. Accordingly, appeal allowed to that extent.
ITAT Rajkot held that transactions of sale and purchases cannot be treated as cash credit/bogus under section 68 of the Act, if they are circular in nature. Also held that profit margin of 12.50% can never be possible in case of circular trading activities.
Once assessee had filed the Return of Income, in response to notice, u/s 142(1), (although it was late), then it was mandatory for AO, in order to acquire the jurisdiction, to make the assessment on the assessee, to issue the notice u/s 143(2).
ITAT Chennai remands Wavoo Real Estate’s tax appeals to AO for fresh adjudication, citing ex-parte assessment and new evidence, with a condition of payment to Legal Aid.
ITAT Hyderabad held that assessee failed to participate in proceeding and produce any explanation or source of deposits as well as credits since he was in judicial custody. Accordingly, matter remanded back for fresh adjudication.
