ITAT Delhi ruled an income tax assessment invalid, quashing the order. The assessment was completed by an officer lacking jurisdiction without a valid Section 127 transfer order.
ITAT Mumbai held that addition foisted upon the assessee in injudicious manner by the lower authority demonstrates lack of requisite care and caution since neither the initiation of reassessment proceedings nor the consequent addition was warranted.
Assessee, i.e., the father of the minor, Mr. Yogesh Mafatlal Bhansali had originally filed his income tax return declaring a total income of ₹2,71,630, which was accepted after a limited scrutiny assessment under Section 143(3).
ITAT Raipur remands case to AO to verify if Rs 13 lakh cash deposit in joint account was disclosed by primary holder, citing non-participation by assessee earlier.
ITAT Kolkata held that loan transaction between holding and subsidiary company done in the normal course of business and out of business/ commercial expediency are outside the scope of deemed dividend.
ITAT Ahmedabad held that amount of corpus of donations i.e. voluntary donations received by trust registered under section 12A are considered as capital receipts and hence not chargeable to Income Tax Act. Accordingly, appeal of revenue dismissed.
ITAT Kolkata held non-mentioning of the fact of either limited or complete scrutiny or compulsory manual scrutiny would render issuance of Income Tax notice u/s 143(2) invalid.
ITAT Delhi held that loose papers cannot be considered as admissible evidence for making an addition unless backed by independent corroborative material. Accordingly, addition made under section 69B of the Income Tax Act liable to be deleted.
Hyderabad ITAT invalidates reassessment citing AO’s factual error and delayed reasons, denying assessee objection right. Follows SC, HC precedents.
Mumbai ITAT rules income addition for bogus purchases limited to 5% estimated profit, citing Bombay High Court precedent. Assessee gets partial relief.
