Parasnath Fuels Pvt. Ltd. Vs DCIT (ITAT Dehradun) Rule 29 Rescues Assessee- Loans Need Fresh Look: ITAT Admits New Evidence, Sends Rs.90 Lakh Addition Back to AO Assessee appealed against NFAC order dated 08.10.2024 sustaining addition of Rs.90,00,000/- u/s 68 r.w.s 115BBE towards unsecured loans from M/s Yogya Shippings Pvt. Ltd. (Rs.50 lakh) & M/s […]
The Tribunal clarified two key issues: depreciation on assets received in demerger and PF/ESI contribution disallowances. Revenue’s appeal was dismissed for AY 2017-18, while the assessee’s appeal for AY 2024-25 was partly allowed. This decision reinforces consistency in asset-related claims and practical application of Section 36(1)(va).
The Tribunal ruled that Section 271(1)(c) penalty cannot be imposed on estimated income. While the penalty on actual taxable additions remains, the portion related to estimated income was deleted. Key takeaway: penalties require confirmed income, not mere estimates.
The ITAT Dehradun set aside a penalty under Section 270A, holding that the Assessing Officer failed to specify the exact clause of misreporting invoked. The penalty was declared invalid and deleted.
ITAT Dehradun accepted ₹15 lakh from poplar tree sales as explained income and ruled that Section 115BBE applies prospectively from 1 April 2017. Tribunal granted partial relief, deleting major additions made on demonetisation cash deposits.
ITAT Dehradun held that penalty u/s 271(1)(c) was invalid as the AO failed to specify whether it was for concealment or inaccurate particulars, showing lack of application of mind.
The ITAT Dehradun quashed an entire reassessment, holding the mandatory notice under Section 148 invalid because it was sent to an old postal address and a wrong email ID. The ruling confirms that non-service of the foundational notice renders all subsequent proceedings void ab initio.
The ITAT Dehradun ruled that deposits in employees’ bank accounts, even when handled by the business, cannot be treated as the employer’s unexplained income under Section 69A. Following a precedent in the assessee’s own case, the Tribunal confirmed these amounts belong to the employees.
The Income Tax Appellate Tribunal (ITAT), Dehradun, quashed the retrospective cancellation of the charitable trust registration (Sec 12A/12AB) of Sushila Devi Centre. The Tribunal held that the PCIT (Central), Kanpur, acted without jurisdiction, asserting that only the CBDT-notified CIT (Exemption) possessed the authority to cancel such registrations under section 120.
ITAT Dehradun allowed condonation of 1386-day delay in filing first appeals, noting that ex-parte assessment and penalty orders were passed without serving notices to the assessee. Appeals remitted for fresh adjudication.
