The case of the assessee was selected for complete scrutiny under CASS for the reasons i.e., abnormal increase in cash deposits during demonetization period as compared to pre-demonetization period.
Hyderabad ITAT invalidates reassessment citing AO’s factual error and delayed reasons, denying assessee objection right. Follows SC, HC precedents.
ITAT Hyderabad held that reopening of assessment under section 147 of the Income Tax Act on the basis of invalid reasons recorded by AO cannot be sustained in law. Accordingly, notice issued u/s. 148 and final assessment order is quashed.
ITAT upholds PCIT’s revision of an assessment order. The AO failed to probe cash payment for a second property purchase, rendering the initial order erroneous and prejudicial.
ITAT Hyderabad upholds Rs 1.33 cr TP adjustment against Hammond Power Solutions for technical/stewardship services, citing insufficient evidence of service delivery.
Hyderabad ITAT sends Thirupathi Rao Naineni’s appeal against Rs 4.73 crore capital gains disallowance back to CIT(A) for fresh hearing.
ITAT Hyderabad sets aside CIT(A) order, granting Aryavysya Seva Sangham another opportunity to present evidence on unexplained cash deposits.
ITAT Hyderabad partially upholds AO’s addition for unexplained cash deposit by Shri Balineni Kishore Babu, confirming ₹48,000 due to lack of source proof.
ITAT Hyderabad held that profit estimation cannot be arbitrary or without any basis. Accordingly, estimation of profit @6% on total contract receipts is reduced to 4%. Accordingly, appeal of the assessee allowed.
ITAT Hyderabad held that interest on loan taken to acquire shares of any company for taking controlling interest is eligible as deduction under section 36(1)(iii) of the Income Tax Act. Accordingly, appeal of revenue dismissed.
