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ITAT Surat

Assessee engaged in business of cheque discounting: ITAT estimated 10 % of total cash deposit

January 30, 2025 294 Views 0 comment Print

Assessee didnot file ITR for AY 2012-13 during which assessee made cash deposit of Rs.45,69,722/-. The case was reopened and notice u/s 148 was sent through e-mail against which no ITR was filed. Hence, AO made addition u/s 69A.

ITAT deletes ₹48.48 Lakh Penny Stock Investment Addition for lack of evidence

January 28, 2025 2307 Views 0 comment Print

ITAT deletes addition of Rs. 48.48 lakh for penny stock investment, ruling that no concrete evidence was presented by the Income Tax authorities.

Health Issues & Demise of Assessee: ITAT Orders Fresh Review of Ex-Parte Additions

January 28, 2025 2226 Views 0 comment Print

ITAT Surat allows appeal in the case of Kiwans Farsuram Bhamwala Vs ITO. Case remanded to AO for fresh examination, granting assessee another hearing opportunity.

No section 271-I Penalty for Non-Filing of Form 15CA/15CB on Import Payments

January 21, 2025 261 Views 0 comment Print

Assessee was engaged in the business of manufacturing of diamond by cutting and polishing of rough diamond and sale thereof. During assessment, Assessing Officer noted that assessee has made 20 transactions of foreign remittance.

Relief to assessee on interest expenses addition and partial relief for household expenses disallowance

January 18, 2025 3357 Views 0 comment Print

As regarding disallowance of interest-free loans on unsecured loans, it was concluded that the same were part of routine business transactions and were of short-term nature therefore, no addition for interest charged on the loans.

Opportunity of Being Heard Mandatory Before Finalizing Section 263 Revision

January 17, 2025 345 Views 0 comment Print

ITAT Surat held that it is mandatory to provide proper opportunity of being heard to the assessee before finalization of revisionary proceedings under section 263 of the Income Tax Act.

ITAT restricts Demonetization Cash Deposit Addition to 10% Due to sufficient Cash Withdrawals

January 16, 2025 219 Views 0 comment Print

ITAT Surat held that addition towards cash deposited during demonetization restricted to 10% of total deposit since assessee fully substantiated the cash deposit showing sufficient withdrawal. Accordingly, appeal partly allowed.

Addition towards unaccounted purchases restricted to 12.5% instead of 25%: ITAT Surat

January 11, 2025 612 Views 0 comment Print

ITAT Surat held that disallowance of unaccounted purchases restricted to 12.5% of purchases instead of 25% as held by CIT(A). Accordingly, addition towards unaccounted purchases restricted.

Rejection of application for condonation of delay in filing refund clam is not appealable order u/s. 253

January 11, 2025 282 Views 0 comment Print

ITAT Surat held that rejection of the application for condonation of delay in filing refund claim u/s 119(2)(b) of the Act is not an appealable order u/s. 253. Thus, appeal dismissed as infructuous.

Addition u/s. 68 deleted as nature and source of credit explained: ITAT Surat

January 8, 2025 360 Views 0 comment Print

ITAT Surat held that addition under section 68 of the Income Tax Act deleted since appellant has satisfactorily explained the nature and source of the credit. Accordingly, appeal allowed and addition deleted.

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