The Revenue argued for exclusion of the 148A show-cause period to justify approval. The Tribunal rejected this, holding that the exclusion proviso applies only prospectively from Finance Act 2023.
The ITAT held that a reassessment notice dispatched after the new law took effect must follow Section 148A, and failure to do so invalidates the entire proceedings.
ITAT Vishakhapatnam held that reopening notice u/s. 148 being issued beyond period of three years on the basis of approval u/s. 151(ii) of the Income Tax Act obtained from Pr. Commissioner of Income Tax [Pr. CIT] instead of Principal Chief Commissioner or Principal Director General is invalid and liable to be quashed.
The Tribunal held that a charitable trust’s 80G application rejected for late filing must be reconsidered after the trust seeks condonation under Section 119(2)(b). Procedural delay should not defeat substantive rights.
The ITAT ruled that property sold by a discontinued partnership must be taxed in the firm’s hands, not its former partners, emphasizing correct ownership for capital gains assessment.
The Tribunal upheld the rejection of unreliable books but ruled that the AO could not estimate net profit at 12% without justification, vacating ₹65.08 lakh addition.
Tribunal ruled that a 148 notice issued on 03.04.2022 for AY 2015-16 violated Section 149(1)(b)’s six-year limitation, rendering entire reassessment void. The is that notices issued after 31.03.2022 for AY 2015-16 are invalid.
ITAT Visakhapatnam held that amount paid to clear mortgage/encumbrances on title of property is rightly claimed as deduction under section 48(1) of the Income Tax Act. Accordingly, appeal of revenue is dismissed.
ITAT Visakhapatnam held that addition towards unexplained cash credits under section 68 of the Income Tax Act upheld since assessee company failed to substantiate identity and creditworthiness of lender.
The Tribunal held that full TDS credit must be granted since all income relating to the TDS deductions had already been taxed. Proportionate credit under Section 199 was found unjustified.
