Mumbai ITAT set aside an income addition for property purchase, citing non-service of notices. The Tribunal accepted documented evidence of property funds from the assessee’s son, husband, and bank loan.
ITAT Bangalore ruled cash and gold found during a search, unrecorded in books and undisclosed in the original return, are taxable as undisclosed income under Section 115BBE.
ITAT Delhi set aside a reassessment where the AO failed to dispose of assessee objections before completing the assessment, citing a violation of mandatory procedure.
Delhi ITAT voids reassessments for Arpit Goel (AY 2009-12) due to undated reopening reasons and lack of mandatory Section 151 sanction, deeming orders void ab initio.
Chennai ITAT ruled a time gap between cash withdrawals and deposits doesn’t justify income addition under Section 69. Assessee proved source from prior withdrawals, overturning unexplained income assessment.
The present appeal is preferred by the assessee. Notably, assessee has challenged the addition of Rs.54,39,870/- on account of alleged difference received from the contracts on the basis of entries in Form 26AS.
ITAT Jaipur held that discrepancies based on which application for registration under section 12AB was rejected are curable in nature. Hence, matter restored back to file of CIT(E) for afresh adjudication.
ITAT Chandigarh held that addition on the basis of loose paper without any corroborative material is not sustainable in law. Accordingly, addition is directed to be deleted and appeal is allowed.
ITAT Pune held that denial of exemption under section 10(23C)(v) of the Income Tax Act for belated filing of Form No. 10BB not justified as audit report in Form No. 10BB was submitted before completion of assessment proceedings. Accordingly, appeal of revenue dismissed.
The present appeals are filed by the Revenue and Assessee against different orders of the Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi dated 04.08.2022 for the assessment years 2017-18 & 2018-19.
