ITAT Surat admits new evidence in Takhatsinh F. Dodia’s case, remanding a Rs. 17 lakh unsecured loan issue to the Assessing Officer for reassessment.
ITAT Surat held that provisions of section 115BBE of the Income Tax Act are enacted on 15.12.2016 hence taxing addition at higher rate u/s. 115BBE for prior period is not sustainable. Accordingly, AO directed to tax addition at normal rate of tax.
Since the business sales were accepted as genuine and only the purchases were routed through accommodation entries, only a part of the purchases needed adjustment to reflect possible inflation of expenses confirming the restriction of bogus purchase addition to 5% and when additions were made on an estimated basis, penalty for concealment under Section 271(1)(c) could not be imposed.
ITAT Surat remands PF/ESIC disallowance case due to reporting error by auditor. AO to verify facts and reassess based on corrected audit details.
ITAT Surat ruled that reassessment of deceased person is void ab initio, quashing the order and allowing the appeal in Bharat Ranchod Vs ITO case.
ITAT Surat held that the application in Form No.10AB u/s 80G(5) of the Income Tax Act cannot be dismissed as barred by limitation in view of CBDT circular 7/2024 dated 25.04.2024. accordingly, matter remitted to the file of CIT(E).
ITAT Surat rules penalty under Section 272A(1)(d) must be limited to first default, not per notice. Penalty reduced to ₹10,000 due to partial non-compliance.
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.
