ITAT Delhi held that intimation under section 143(1) of the Income Tax Act being passed without waiting for the response of the assessee and without providing thirty day time for filing response is not sustainable in law. Accordingly, appeal allowed.
ITAT Delhi held that deduction under section 54F of the Income Tax Act duly available since funds are utilized within the extended period of time as per CBDT Circular No. 1/2023 dated 06.01.2023. Accordingly, appeal of revenue dismissed.
ITAT Delhi held that interest expense relating to prior period expenditure is allowable since from the financial positions and profitability declared in the financial statement, it shows that it has no tax effect. Thus, appeal allowed.
ITAT Bangalore held that order rejecting application for approval under section 80G of the Income Tax Act passed by CIT(E) under incorrect name has resulted into confusion and procedural irregularity. Hence, matter remanded for fresh adjudication.
ITAT Delhi held that addition under section 68 of the Income Tax Act not justified as genuineness and identity of shareholders proved. Accordingly, appeal of revenue dismissed and CIT(A) upheld.
ITAT Ahmedabad rules an email notice is invalid if the assessee opted for physical notice in Form 35, setting aside an ex-parte order.
ITAT Ahmedabad remands Ratansinh Solanki’s case, setting aside Section 69A additions. Fresh adjudication ordered, allowing admission of additional evidence for cash deposits.
Jaipur’s Income Tax Appellate Tribunal rules for Sita Ram Saini, stating cash withdrawn and re-deposited cannot be treated as turnover for profit estimation.
ITAT Bangalore accepts self-made vouchers for coolie, labor, and farm expenses, deleting disallowances for Carreg Commodities Pvt. Ltd.
ITAT Mumbai held that the addition in respect of bogus purchases is to be limited to the extent of bringing the gross profit rate on such purchases at the same rate as of other genuine purchases. Accordingly, matter restored to file of AO with direction to restrict addition.
