ITAT Ahmedabad orders deletion of Rs. 34.3 lakh addition under Section 68, citing deposits from known sources. Case remanded for further verification.
ITAT Ahmedabad held that revisional jurisdiction u/s. 263 of the Income Tax Act not justifiable as AO had examined the issue in the course of assessment proceeding.
ITAT Ahmedabad deletes Bogus Purchase Additions as revenue authorities failed to provide contradicting evidence to disprove genuineness of transactions
ITAT Ahmedabad quashes assessment for AY 2011-12 in Ushaben Jayantilal Patel vs ITO case, ruling on jurisdiction and procedural errors.
ITAT Ahmedabad held that assessment order passed by AO without conducting adequate inquiry is erroneous and prejudicial to the interest of revenue and hence revisionary proceeding under section 263 rightly invoked by PCIT.
ITAT Ahmedabad held that invocation of revisionary power under section 263 of the Income Tax Act sustained as AO failed to conduct proper enquiries and verifications during original assessment proceedings.
ITAT Ahmedabad held that initiation of proceedings u/s. 147 of the Income Tax Act based on material found during search of another company is untenable as proceedings should be initiated u/s. 153C and not u/s. 147.
ITAT Ahmedabad held that ex-parte dismissal of appeal on account of non-appearance by CIT(A) without discussing the merits of the case is unsustainable in law. CIT(A) is obliged to dispose of appeal on merits.
ITAT Ahmedabad held that interest income and miscellaneous income earned by the assessee are directly related to the business of the assessee and assessable as business income only and not as income from other sources.
ITAT Ahmedabad condoned delay of 326 days in filing quantum appeal and delay of 1 day in filing penalty appeal as assessee demonstrated sufficient cause for the delay.
