Held that no opportunity was allowed to the assessee by the Ld. CIT(A) (NFAC) before passing this ex-parte order. Thus, the order passed by the CIT(A) is in gross violation to the principle of natural justice.
IT Department during demonetization (from November 9, 2016, to December 30,2016) identified various individuals who had deposited substantial sums of cash, under the initiative “Operation Clean Money”.
ITAT Ahmedabad held that addition u/s. 56(2)(vii)(b)(ii) of the Income Tax Act justified due to difference stamp duty value of the property and sale consideration. Accordingly, appeal of the assessee allowed.
ITAT Ahmedabad held that interest income earned from business activity is classifiable as business income and accordingly, relevant expenses allowed as deduction. Hence, appeal of the assessee allowed.
ITAT Ahmedabad held that interest received by co-operative society from SBI, which is a Nationalized Bank, is not allowable as per the section 80(P) of the Income Tax Act. Accordingly, AO directed to carry out proper adjudication and verification.
The assessee earned income from selling milk and filed her return for AY 2017-18 declaring income of Rs.1,78,110/-. The case was selected for limited scrutiny with the reason of “large value cash deposits during demonetization period as compared to returned income”.
Before ITAT it was submitted that AO determined the total income/revised income as Rs.12,84,93,150/-. Thus the assessed income is lesser than the returned income of Rs.13.30 crores.
Assessee has not violated the provision of the Act u/s 271B as the assessee has Audited his accounts as per the provisions of section 44AB within the stipulated time but only filed the same belatedly.
Case was reopened after recording proper reason. Assessment was completed u/s.147 r.w.s. 144B of the Act on 25.03.2022, wherein addition of Rs.1 Crore was made in respect of unexplained investment in the immovable property.
Assessee filed return for AY 2013-14 declaring Nil income. The case of the assessee was reopened based on information received from investigation unit that the assessee is one of the beneficiaries of accommodation entries and bogus LTCG.
