ITAT allowed assessee’s appeal against Section 68 addition, stressing that AO must evaluate annual business activity, stock, and legitimate cash sales. This decision safeguards traders during exceptional periods like demonetization.
ITAT Chandigarh allowed a delayed appeal of 457 days, holding that the assessee had reasonable cause for delay and the Limitation Act provisions applied. Appeal admitted for adjudication on merits.
ITAT Chandigarh condoned an 87-day delay in filing an appeal where the assessee acted on genuine advice about CPC TDS rectification, emphasizing substantial justice over technical dismissal.
ITAT Chandigarh held that a Section 148 notice issued by the Jurisdictional AO instead of Faceless AO violated statutory provisions, quashing the assessment for AY 2018-19.
ITAT Chandigarh quashed a Rs.16.24 lakh penalty under Section 271(1)(c) as the fresh assessment accepted the returned income, confirming penalties require concealment or inaccurate particulars.
The Tribunal ruled that penalties under Section 43 of BMA cannot be imposed for bona fide reporting mistakes when investments were from legitimate, disclosed funds.
ITAT Chandigarh held that cash deposits made during the demonetization period were from genuine business cash sales. The addition of Rs. 20.86 lakh by the AO and CIT(A) was based on assumptions and was deleted.
ITAT Chandigarh held that cash deposits of Rs. 17.29 lakh were merely redeposits of earlier withdrawals. The addition made by the Assessing Officer was deleted as the evidence showed no unexplained income.
ITAT Chandigarh restricted the unexplained cash addition to ₹2.5 lakh, deleting ₹10 lakh in Sher Singh vs ITO for AY 2017–18, citing partial explanation from agricultural and milk income.
The Tribunal directed estimation of income at 8% under Section 44AD after disallowing expenses due to lack of evidence in Friends Transport Carrier vs ITO.
