Delhi ITAT: Section 153D approval requires specific application of mind per assessment year, not blanket or mechanical. Assessment quashed.
ITAT Delhi allows Birlasoft’s claims on lease equalization and business loss write-offs, rejecting tax authority’s disallowances for AY 2014-15.
ITAT Chandigarh held that cash deposits in assessee’s bank account was less than the amount mentioned in the reopening notice and thus reasons recorded by the AO were not found to be valid and, therefore, the reassessment framed was quashed. Accordingly, appeal of assessee allowed.
ITAT Hyderabad held that reopening of assessment u/s. 148 of the Income Tax Act is void-ab-initio since income escaped assessment doesn’t exceed Rs. 50 lakhs or more. Accordingly, assessment order passed by AO is quashed.
ITAT Jaipur partially allows Amit Product’s appeal in a bogus purchase case, reducing disallowance to 10% of Rs. 32.88 lakh.
ITAT Mumbai held that trade advances, being in the nature of commercial transaction, would not fall within the ambit of the provisions of section 2(22)(e) of the Act and therefore the addition made by the AO is deleted. Accordingly, appeal allowed.
Additions under Section 69A could not be sustained without concrete evidence and due process and AO had not brought any tangible evidence to prove the alleged cash loan.
Aggrieved against the directions of CIT(A) to the AO for assessment of gross profit on unaccounted sales of unaccounted purchases and enhancement on account of disallowance of cash payment u/s.40A(3) of the Act, the assessee came in appeal before the Tribunal.
Thereafter, there was change in incumbent and fresh opportunity was provided and notice u/s.142(1) was issued. But this notice was returned back with the remarks that “the assessee was not in given address”.
To ensure fairness, the ITAT set aside the CIT(A)’s order and remanded the disputed issues back to the CIT(A) for a fresh hearing. This decision was made contingent upon the assessee paying a cost of Rs. 2,000 to the Income Tax Department within one month and providing proof of payment.
