ITAT Mumbai held that assessee is permitted to set off unabsorbed depreciation pertaining to AY 1997-98 to 2001-02 against short term capital gains. Accordingly, AO is directed to delete the addition and appeal of the assessee is allowed.
Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Traders during demonetization period. During the survey, several documents and evidences were collected and impounded.
ITAT Mumbai rules that having an object to apply income outside India is not a valid reason to deny Sec 12AB registration to a charitable trust.
ITAT Jaipur quashes tax addition and penalty against 82-year-old senior citizen, finding no fault in her investment claims and supporting her submitted evidence.
ITAT Surat condones appeal delay due to non-service of assessment order, remands case for fresh adjudication, ensuring fair hearing.
ITAT Cochin mandates disclosure of 3rd party evidence to assessee for valid assessment, remanding cases for fresh adjudication.
ITAT Hyderabad remands tax assessment case due to taxpayer’s unawareness of faceless proceedings, imposes penalty for non-compliance.
ITAT Bangalore sends Light Ray Advisors LLP’s dividend exemption claim back to AO for re-examination, noting potential oversight of filed documents.
ITAT Hyderabad sends ₹3.56 crore income addition case back to CIT(A) for reconsideration, imposes penalty for non-compliance.
The assessee argued that the DVO’s report, submitted beyond the statutory six-month period, was invalid. The ITAT agreed, ruling that the valuation report was indeed time-barred and, therefore, the addition based on it was unsustainable.
