ITAT Mumbai deleted a penalty, citing a defective notice under section 274 r.w.s. 271(1)(c), following the Bombay High Court’s ruling in Mohd. Farhan A. Shaikh.
ITAT Chennai confirms addition of ₹16.20 lakh under Section 69A for demonetized cash deposited by trader; notice deemed valid and appeal dismissed.
ITAT Kolkata quashes assessments in absence of incriminating material; DVO’s cost estimate alone held insufficient under Abhisar Buildwell precedent.
ITAT Lucknow rules audit fee provisions are not allowable unless liability accrues; EPF disallowance sent back for verification.
ITAT Nagpur sets aside CIT(E)’s rejection of 12A registration, holding assessee not liable for file access issues on ITBA portal.
ITAT Pune rules one-time membership and share fees as capital receipts for Veershaiv Cooperative Bank, reversing lower authority’s revenue classification.
ITAT Pune grants partial relief in cash deposit case during demonetization under Section 69A. Dispute centered on unexplained deposits of ₹21.4 lakh.
ITAT Pune quashes PCIT’s Section 263 order against Shree Balaji Associates, stating AO made inquiries; no lack of inquiry found.
ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whether the shares are held as investment or stock-in-trade. Thus, here since shares are held as investments, gains are taxable as capital gains.
ITAT Mumbai held that the very basis of which the Assessing Officer formed the belief that the income liable to tax is escaped assessment was based upon incorrect understanding of the facts and is, therefore, not sustainable in the eyes of law.
