AO pointed out that the 118% gain from a single scrip in 15-16 months had no commercial justification, and Karma ISP was identified as a penny stock used to create fake exempt gains.
The ITAT Ahmedabad bench, in the case of DCIT vs. Phoenix Flexibles Private Limited held that a Commissioner of Income Tax (Appeals) cannot simply set aside a reassessment order and remand the case back to the Assessing Officer without first deciding on the jurisdictional and legal challenges raised by the taxpayer such as the validity of the notice and sanction for reopening.
The ITAT Ahmedabad case of Shah Dilip Sankarchand vs. ACIT rules on jurisdictional disputes invalidating a tax assessment notice issued by an unauthorized officer.
Tribunal ruled that non-deposit in Capital Gains Account does not bar 54F relief if funds are used for construction within Section 139(4) timeline.
Ahmedabad ITAT deletes a penalty under Section 270A for a deduction on education cess. The court ruled the claim was bona fide and not a case of misreporting.
The ITAT Ahmedabad has deleted a Rs.5.21 crore addition to income, ruling that the reassessment was invalid due to a lack of independent verification of the evidence.
ITAT Ahmedabad dismisses Revenue appeals in ACIT vs Ashokbhai Kheni, ruling that jurisdiction lies with ITAT Surat as per the Supreme Court’s guidance.
Penalty under section 271(1)(c) was not leviable as deceased alone could have explained the source of the deposits, and since he had died before the initiation of penalty proceedings, it was not reasonable to expect the legal heir to establish his innocence.
ITAT Ahmedabad held that addition under section 69A towards unexplained cash deposit cannot be sustained since it is reasonably explained that deposit is out of its business proceeds. Accordingly, order of CIT(A) set aside and appeal of assessee allowed.
The ITAT has remanded a trust’s application for regular registration after the CIT(E) rejected it as premature. The tribunal ruled the law doesn’t bar early applications and cited a previous judgment.
