ITAT Panaji held that ad-hoc determination of taxable income without invoking special audit u/s. 142(2A) of the Income Tax Act not only jostled ad-hoc & irrational estimations but led to farfetched determination due to complexity of business. Accordingly, matter remanded back to AO.
ITAT Panaji sets aside NFAC’s dismissal of tax appeal for one-day delay, citing hyper-technical grounds and affirming timely filing.
ITAT Panaji remands appeal of Mercantile Co-op Credit Society on Rs 1.1 Cr 80P denial & Sec 68 addition for fresh hearing after ex-parte order.
Laxmi Road Lines withdraws tax appeal at ITAT Panaji after opting for Vivad Se Vishwas Scheme to settle dispute over PCIT’s Section 263 order.
ITAT Panaji sets aside CIT(A)’s ex-parte order, remands case of Grameena Seva Sahakari to allow fresh hearing on Section 80P deduction denial.
ITAT Panaji remands case of Salim Ali Darugar vs. ITO concerning addition under Section 69A for unexplained demonetization cash deposits.
To ensure fairness, the ITAT set aside the CIT(A)’s order and remanded the disputed issues back to the CIT(A) for a fresh hearing. This decision was made contingent upon the assessee paying a cost of Rs. 2,000 to the Income Tax Department within one month and providing proof of payment.
ITAT allows co-operative society’s appeal for 80P(2)(a)(i) exemption, stating registration under Co-operative Societies Act prevails without RBI license.
Cooperative banks fall within definition of cooperative society under Section 2(19). ITAT concluded that assessee was entitled to deduction under Section 80P(2)(d).
ITAT Panaji ruled in favor of Ganga Suresh Rathod, setting aside NFAC’s order after her video hearing request was denied, citing a breach of natural justice.
