ITAT Visakhapatnam sets aside penalty on Malla Appalaraju under Section 271(1)(c) due to a defective notice, ruling it void ab initio.
ITAT Visakhapatnam ruled no penalty for voluntary income disclosure post-survey, rejecting AO’s concealment claims.
Explanation to Section 14A has only a prospective effect from April 1, 2022, and cannot be retrospectively applied to earlier assessment years.
Visakhapatnam ITAT allowed a Section 54F capital gains exemption, even though the assessee didn’t deposit the sale proceeds in a specified account. The tribunal cited beneficial interpretation of the provision and the assessee’s investment in a new property.
ITAT Visakhapatnam rules exemption under Section 54F can be claimed even if made after a notice under Section 148 of the Income Tax Act.
Visakhapatnam ITAT ruled against depreciation claims for uninstalled machinery by ACIT vs Mithra Kyokuto, citing lack of operational evidence for A.Y. 2012-13.
ITAT restores gratuity addition matter to CIT(A) in Vaddadi Madhusudana Rao’s appeal despite 1-day delay in filing the appeal.
Before ITAT, it was submitted that it is impossible for the assessee to mention new registration number in ITR-7 as it was filed on 13.03.2022 and the same was obtained on 04.04.2022 after filing of ITR-7.
ITAT Visakhapatnam lowers income estimation rate to 4% and deletes incorrect addition in the case of Lakshmi Durga Distributors.
Tribunal in the case of Yegneswari General Traders vs. ITO held that kaccha arahtias are concerned, the turnover does not include the sales effected on behalf of the principals and only the gross commission has to be considered for the purpose of 44AB.
