ITAT Delhi held that even though assessee is not the owner of the Airport Metro Express Line Project it has right to collect fare from commercial operations. Thus, depreciation is eligible on such intangible assets as per provisions of section 32(1)(ii).
ITAT Delhi held that addition towards undisclosed income merely on the basis of conjectures cannot be sustained in the eye of law. Further, also held that addition purely based on post-dated cheques cannot be sustained.
ITAT Delhi held that mere change of opinion would not confer jurisdiction upon the Assessing Officer to reopen proceedings without anything further. Thus, reopening of assessment under section 147 of the Income Tax Act set aside.
ITAT Delhi held that the issuance of notice u/s. 148 based on cryptic reasons combined with a mechanical approval of the Pr.CIT u/s. 151 of the Income Tax Act do not pass the test of judicial scrutiny. Thus, reassessment quashed.
AO after providing due opportunity to the assessee, made addition of INR 3,74,08,810/- on the basis that the assessee could not explain and produce books of accounts alongwith supporting evidences.
ITAT Delhi held that the law is very well settled that there cannot be any levy of penalty on an estimated addition on ad hoc disallowances of expenses. Accordingly, penalty proceedings initiated under section 271(1)(c) of the Income Tax Act quashed.
The ITAT Indore accepts peak credit theory in Kamal Chand Sisodiya Vs ITO, stating past savings can explain cash deposits, limiting unexplained income.
ITAT Ahmedabad rules on GMW Pvt Ltd’s appeal regarding ESI and PF contribution disallowance. The court upheld previous assessments, dismissing the appeal.
ITAT Ahmedabad rules in favor of a co-op housing society, deleting addition based on assumed 8% net profit from unsecured loans taken from non-members.
ITAT Bangalore directs a fresh hearing after IT notices likely ended up in spam, causing the assessee to miss compliance deadlines.
