ITAT Delhi restores Bar Council case to NFAC, directing review of mandatory notice service under Section 148 for reassessment before deciding on merits.
Kolkata ITAT removes Rs 1.43 crore addition on share capital, citing funds received in prior years and adequate documentation for current year’s receipts.
ITAT Pune sends fruit seller’s appeal against Rs. 78 lakh addition back to CIT(A), condoning 13-month delay due to COVID-19 illness based on Supreme Court principles.
ITAT Kolkata held that notice issued u/s. 143(2) of the Income Tax Act without specifying whether it is limited or complete of compulsory manual scrutiny is invalid and in violation of CBDT instruction F. No. 225/157/2017/ITA-II Dated 23-06-2017.
During the course of assessement proceedings, AO noted that the assessee has earned interest income on fixed deposits made with banks which has been included in the business income while computing deduction u/s 10AA of the Act.
ITAT Mumbai held that the cash deposited is out of the gross receipts and that once gross receipts are disputed then no addition is sustainable under section 68 of the Income Tax Act. Accordingly, appeal allowed to that extent and addition deleted.
ITAT Mumbai sets aside PCIT’s order under Section 263, finding the assessment view was plausible and PCIT invoked power without quantifying revenue loss.
ITAT Kolkata held that the transaction cannot be treated as unexplained cash credit under section 68 of the Income Tax Act since the transaction of the shares were shown as stock in trade in assets side of the balance sheet and sale as revenue in profit & loss account.
Delhi ITAT dismisses Revenue’s appeal as tax effect is below Rs 60 lakh monetary limit per CBDT circulars. Assessee’s cross objections withdrawn.
ITAT Ahmedabad remands Mitalben Rahulkumar Shah’s tax case for fresh assessment despite non-compliance, citing interest of justice with condition.
