ITAT Surat rules no penalty under Section 271(1)(c) if income is assessed on estimate. Penalty deleted as disallowances were based on turnover estimation.
Surat ITAT condones delay, restores Pareshbhai Godhani’s case to AO for fresh assessment of unexplained demonetization cash deposit.
ITAT Surat overturns CIT(E)’s rejection of Rotary Club’s 12A registration, citing denial of fair hearing opportunity; matter restored for review.
Surat ITAT partly allows Jayeshbhai Chovatiya’s appeal against unexplained bank credits addition and upholds part of AO’s assessment.
ITAT acknowledged the taxpayer’s claim under Section 54F, despite its late submission, and instructed the AO to verify the claim and provide appropriate relief. The ITAT cited a jurisdictional High Court ruling that allows taxpayers to raise additional claims, provided they are legitimate.
ITAT Surat rules penalty under Section 271(1)(c) not sustainable where income addition is based on estimation of bogus purchases.
Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Traders during demonetization period. During the survey, several documents and evidences were collected and impounded.
ITAT Surat condones appeal delay due to non-service of assessment order, remands case for fresh adjudication, ensuring fair hearing.
ITAT Surat rejects revenue’s plea to recall an order under Section 254(2), stating review is beyond scope. Land classification and distance measurement upheld.
ITAT Surat held that interest paid in respect of business profit attributable to section 80P(2) of the Income Tax Act is allowable. Accordingly, AO directed to consider direct nexus of interest paid with interest income attributable under section 80P(2).
