ITAT deletes ₹2936 Cr penalty on CGTMSE, affirming its charitable nature and ruling proviso to Section 2(15) inapplicable. Prior ITAT rulings cited.
ITAT Jaipur quashes PCIT’s Section 263 revision orders, holding that assessments completed under Section 143(3) r.w.s. 148B post-search with Addl. CIT approval cannot be revised merely to apply higher tax rates under Section 115BBE.
The ITAT Jaipur ruled that cash deposits explained by recorded sales cannot be added solely on an uncorroborated survey statement, upholding assessee’s appeal.
ITAT Jaipur has allowed a charitable society to claim an exemption for accumulated income. The tribunal ruled that parking funds in a scheduled bank at year-end constitutes compliance with tax law, even if converted to fixed deposits later
The ITAT dismisses a taxpayer’s claim for expenses against income disclosed during a survey but sets aside the application of a higher tax rate on the same income.
ITAT Jaipur deletes additions based on WhatsApp chats and rough diaries, rejects notional interest charges in Manoj Kumar Gupta income tax case.
ITAT Jaipur allows deduction u/s 80P on interest earned from bank FDs and investments for a credit co-operative society, distinguishing the Totgars case and following CBDT clarifications.
The ITAT Jaipur has quashed a PCIT’s revision order, holding that a Principal Commissioner cannot override an Assessing Officer’s plausible view with a mere suspicion.
The ITAT Jaipur invalidates a reassessment order against Anusha Finvest Pvt. Ltd., ruling that reopening on “borrowed satisfaction” without independent inquiry is illegal.
ITAT Jaipur quashes ₹1.83 Cr assessment on S.S. Diam Pvt. Ltd., struck off by ROC, holding assessment on non-existent company invalid; all additions deleted.
