Jaipur ITAT rules on Shree Bhagwati Farms’ demonetization-era cash deposits, emphasizing human probabilities and accepted agricultural income.
Jodhpur ITAT rules on TDS credit denial under Section 143(1), emphasizing CPC’s duty to grant credit as per Form 26AS, overturning CIT(A) decision.
ITAT Jodhpur held that reassessment notice under section 148 of the Income Tax Act issued by Jurisdictional Assessing Officer is bad and invalid since the same needs to be issued by National Faceless Appeal Centre. Thus, assessment order passed thereon is quashed.
As stated earlier, appellant had raised objection on 15.01.2022 against re-opening but the same was not disposed of by AO by passing a speaking order as per guidelines issued by SC in case of KGN Driveshafts.
ITAT Pune rules excess stock found at Kolhapur Timber during survey is business income, not unexplained, directing normal tax rates. Cites multiple precedents.
On the other hand, it was submitted by the that the state-of-the-art Auditorium is used for conducting seminars, workshops which is integral part of scientific research work by IISc, Bangalore and therefore, assessee is eligible for deduction u/sec.35(1)(ii).
ITAT Chennai held that waiver of amount of loan, whether principal or interest component, cannot be brought to tax under section 41(1) of the Income Tax Act. Accordingly, appeal of assessee allowed and addition directed to be deleted.
ITAT Pune rules excess stock declared during survey is business income, not unexplained income under 115BBE, if linked to regular business activities.
ITAT Delhi held that foreign share holding duly disclosed with Income Tax Department and hence the same cannot be taxed under the Black Money Act. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
ITAT Kolkata allows Farseen Rubber Industries’ Rs 1 Cr compensation to JK Tyre, ruling it a commercial expense, not an offense under Section 37.
