ITAT Cuttack held that reassessment proceedings fail when no addition is made on the very reasons recorded for reopening. If the original ground disappears, the entire reassessment becomes invalid.
The Tribunal held that reassessment based only on the Shah Commission report, without independent material or application of mind, is invalid. Reopening beyond four years after full disclosure was quashed, nullifying additions and penalties.
ITAT Cuttack deleted a ₹15.45 lakh demonetization cash deposit addition based on bank confirmation. Tribunal also reduced estimated net profit rate for wholesale trader from 1.5/% to 1/%
Tribunal held that CPC cannot treat entire receipts of a registered charitable trust as taxable income under Section 143(1). Intimation was quashed as beyond permissible scope of adjustment.
The ITAT has condoned a one-day delay in the filing of Form 10B by a charitable trust, directing the tax authorities to allow its claim for deductions.
ITAT Cuttack rules income estimation invalid if books of account are not formally rejected under Section 145, deleting estimated income for Sat Inder Constructions.
The ITAT Cuttack ruled that additions cannot be made for completed assessments without incriminating material found during a search, upholding the principle from the Abhisar Buildwell case.
ITAT Cuttack deletes Section 271D penalty against Jogendra Kumar Panda, ruling cash transaction violation pertained to wrong assessment year.
Cuttack ITAT cancels penalties under sections 271D and 271E, ruling that the Assessing Officer must record satisfaction in the assessment order before initiating penalty proceedings.
The ITAT Cuttack has remanded a case involving a ₹9 lakh cash deposit to the CIT(A), granting the assessee one final opportunity to produce evidence after a delay of 302 days due to illness.
