ITAT Surat lowers commission income rate for Nanak Motumal Pherwani to 0.50% on bank transactions, aligning with reasonable industry standards in cheque discounting.
ITAT Bangalore condones a delay in tax audit filing due to trustee’s illness, directing further assessment per CBDT’s order for tax benefit eligibility.
ITAT Bangalore allows deduction for timely employer PF/ESI contributions in Blue Moon Enterprises case, limiting disallowance to delayed employee contributions.
ITAT Chandigarh held that reassessment order under section 147 of the Income Tax Act cannot be passed without compliance with mandatory requirement of notice under section 143(2) of the Income Tax Act. Thus, order passed u/s. 144 r/w 147 set aside.
ITAT Bangalore remitted the matter back to CIT(A) so that assessee can file necessary documents with regard to disallowance made under section 37 of the Income Tax Act as order was passed by CIT(A) without adjourning the matter as sought by assessee.
ITAT Bangalore held that dismissal of appeal by CIT(A) merely because the same was filed belatedly not justified as CIT(A) failed to grant an opportunity of being heard to the assessee so as to the grounds for condonation.
ITAT Delhi held that CPC wrongly processed return by considering due date as 5th August instead of 31st October. Accordingly, interest charged under section 234A of the Income Tax Act deleted and interest charged under section 234B altered.
ITAT Bangalore held that when the reasons supplied to the assessee and the reasons supplied before higher forum is not verbatim same, it cannot sustain the validity of reopening of assessment under section 147 of the Income Tax Act.
ITAT Chandigarh dismissed the appeals filed by the revenue since the tax effect involved in the same is less than prescribed monetary limit of Rs. 60 lacs in terms of the CBDT Circular No.09/2024 dated 17.09.2024.
ITAT Delhi held that addition under section 69 of the Income Tax Act on protective basis not justified since assessee established genuineness of transaction and creditworthiness of entity from which share application money is received.
