ITAT Lucknow quashes Rs. 57.03 lakh cash deposit addition and penalty against Girja Shankar, granting a fresh hearing for reassessment and fair proceedings.
ITAT Lucknow deletes ₹5.39 lakh addition u/s 69A, accepting assessee’s explanation for cash deposits during demonetization period. Bank certificate supports claim of ₹39,500 in old currency.
In the matter above mentioned ITAT deleted the addition made by the AO after observing that the provision invoked by the AO was introduced introduced w.e.f. 01.04.2014 only, whereas the assessee had entered into the transaction on 01.08.2012.
ITAT Lucknow directs CIT(A) to reconsider limitation issue in Bharat Shetty’s case, factoring in COVID-19 period for a fresh decision on appeal admissibility.
Assessee had given reasons that as per the previous counsel, late Shri R.R. Jain (C.A.) had given advice no separate appeal against the order passed u/s 263 was filed before ITAT.
ITAT Lucknow quashes penalty u/s 271B for failure to file audit report, stating incorrect grounds for penalty initiation.
ITAT Lucknow rules that penalty under Section 271(1)(c) cannot be imposed for disallowance of Section 80P deduction due to legitimate, disclosed claims.
ITAT Lucknow ruled that additions under Section 56(2)(vii)(b) are unsustainable without a valuation officer’s reference, directing deletion of ₹2.14 crore addition.
ITAT Lucknow dismissed Revenue’s appeal challenging CIT(A)’s exemption order under Section 26AAB as the AO had already accepted the claim.
ITAT Lucknow rules no additions allowed under sections 153A or 153C without incriminating evidence during search in Smt. Shashi Agarwal’s case.
