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Delay of more than 10 years condoned as tax liability fastened without authority of law: ITAT Hyderabad

November 18, 2024 1359 Views 0 comment Print

ITAT Hyderabad condoned delay of nearly a decade in filing of an appeal since tax liability was fastened on the assessee without an authority of law and it is a well settled principle of law that unless authority of law, no tax can be collected.

ITAT Allows LTCG Exemption on Shares due to Overreliance on Investigation Report, Absence of Enquiry & Genuineness of Transactions

November 18, 2024 2634 Views 0 comment Print

Analysis of ITAT Delhi’s ruling in Smt. Karuna Garg Vs ITO regarding the genuineness of long-term capital gains claims from penny stock transactions.

Section 153A Assessments Not Solely Dependent on Incriminating Material

November 16, 2024 3426 Views 0 comment Print

ITAT Jaipur dismisses appeal in Kavita Samtani Vs DCIT, upholding additions under Section 68 of the Income Tax Act for unexplained credits.

Section 263 Not Invocable if Assessment is Erroneous but Not Prejudicial to Revenue Interests

November 16, 2024 1887 Views 0 comment Print

ITAT Cochin rules AO’s assessment must be both erroneous and prejudicial to revenue for S.263 proceedings. Delay condoned; appeal allowed for Kool Home Builders.

ITAT Chennai Remands Case to CIT(A) for Fresh Review Over Lack of Application of Mind

November 16, 2024 936 Views 0 comment Print

ITAT Chennai remands G. Sekar’s case to CIT(A) for procedural review, highlighting deficiencies in prior assessment order. Fresh adjudication directed.

Form 10IC Filing Acknowledgment Confirms Section 115BAA Tax Rate Eligibility

November 16, 2024 996 Views 0 comment Print

ITAT allows concessional tax rate under Section 115BAA to Chola Business Services, citing timely filing of Form 10IC and acknowledgment by CPC.

ITAT allows Deduction Claim of ASAN Memorial Association Despite Filing Error

November 16, 2024 642 Views 0 comment Print

ITAT allows ASAN Memorial Association’s claim for statutory deduction under Section 11 despite filing errors in the Income Tax Return for AY 2016-17 and 2017-18.

ITAT Chennai Remands Case on Bogus Purchase Addition

November 16, 2024 1137 Views 0 comment Print

ITAT Chennai remands the case on bogus purchases of Rs.92.43 lakhs to the AO for re-adjudication, allowing new evidence and addressing 80-IA deduction issue.

ITAT Delhi Sets Aside Ex-Parte Order as Notices were never served to Assessee

November 16, 2024 3255 Views 0 comment Print

ITAT Delhi rules that assessment notices were not served to the assessee, Raj Rani, leading to the setting aside of an ex-parte order for reassessment.

ITAT Condones Delay in Appeal Filing, Says Delay Explanation Acceptance Should Be Rule

November 16, 2024 1755 Views 0 comment Print

ITAT Delhi condones 236-day delay in Sekhari Ganna Vikas Samiti’s appeal, emphasizing a liberal approach to delay explanations in tax appeal cases.

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