ITAT Delhi held that penalty u/s 271(1)(b) of the Income Tax Act not imposable as reasonable cause shown for non-furnishing of consent form sought by AO.
ITAT Delhi held that conditions for the eligibility of claim u/s 80IC in the case of a new industrial undertaking stands satisfied as new firm acquired new plant & machinery which was not previously used.
ITAT Delhi held that considering the bonafide and genuine transaction, reasonable cause in terms of section 273B of the Act, exist in the case of the assessee for not complying with the provision of section 269SS and 269T, and therefore, penalty u/s 271D and 271E not leviable.
ITAT Delhi held that the assessee has option to determine the method of valuation and the AO has no power to reject the method resorted by the assessee as no infraction of methodology has been brought out by the AO.
ITAT Hyderabad held that when there was an apparent mistake in the order of the AO in accepting the returned income instead of substituting the same with the assessed income there was an apparent error rectifiable under section 154 of the Income Tax Act.
ITAT Delhi held that amendment to section 36(1)(va) of the Income Tax Act and section 43B of the Income Tax Act brought in Finance Act, 2021 is prospective in nature i.e. effective from 01.04.2021 and not retrospective in nature.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not imposable when income is assessed on estimate basis and accordingly additions are made therein on estimate basis.
ITAT Delhi held that addition based on some dummy name without incriminating material reflecting name of the assessee is unjustified.
ITAT Delhi held that loss claimed arising out of the sham transaction between two associated enterprises (AE) is disallowed.
ITAT Delhi held that there is no transfer of assets in case of the shifting of plant & machinery from fixed assets to current assets. Accordingly, there is no question of determination of capital gain.
