ITAT Indore judgement in Mohan Yadav Vs ITO case, focusing on necessity of issuing notice under section 143(2) of Income Tax Act within a prescribed time limit.
ITAT Indore held that reassessment proceedings initiated u/s 148 stood abated by virtue of search and seizure action u/s 132(1). Hence, reassessment order passed thereon u/s 147 is illegal.
ITAT Indore held that addition u/s 69 of the Income Tax Act towards gifts received from family members unsustainable as receiving gift from family members, namely father and mother for personal use, do not require any special occasion.
ITAT Indore held that addition on the standalone basis of statement of assessee u/s 132(4) of the Income Tax Act cannot be held as sustainable in absence of collaborative evidence found in support of such addition.
ITAT Indore held that as AO unable to found source of any cash loans during the search proceedings, provisions of section 269SS/ 269T of the Income Tax Act cannot be applied.
ITAT Indore held that the deeming fiction created in section 50C cannot be extended to the provision of section 69 or 69B or any other of the Act in the case of purchaser to make the purchaser liable for tax.
JCIT vs Amandeep Singh Bhatia: ITAT Indore dismisses revenue’s appeal, affirming CIT(A)’s deletion of Rs. 2,48,02,084/- addition as income from other sources. Detailed analysis provided.
ITAT Indore held that non-deduction of TDS due to genuine and bona fide belief is reasonable cause under section 273B and accordingly penalty u/s 271C not imposable.
ITAT Jaipur held that being a debatable issue there was a reasonable cause for non-deduction of TDS on specified transactions and accordingly penalty under section 271C of the Income Tax Act not justified.
ACIT Vs Jila Sahakari Kendriya Bank (ITAT Indore) Provision for Standard Assets Allowable under Section 36(1)(viia) of Income Tax Act, 1961
