The ITAT Visakhapatnam has directed the Income Tax Officer to verify the source of a Rs. 24 lakh cash deposit made during demonetization by Tripuraneni Sarada Devi.
ITAT Visakhapatnam ruled on whether an Assessing Officer can inquire beyond limited scrutiny, partly allowing an appeal regarding cash deposits during demonetisation.
ITAT Visakhapatnam dismisses Revenue’s appeal, rules addition based solely on third-party diary notations without corroboration invalid.
ITAT rules corpus donations to a society are capital receipts, not taxable income, regardless of 12AA registration, citing judicial precedents.
ITAT Visakhapatnam rules no penalty for late Form 67 filing when foreign tax payment is genuine; upholds CIT(A) decision against Revenue.
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.
