ITAT Nagpur rules in ITO Vs N. Kumar Housing, addressing ₹5.2 crore addition under Sections 41(1) and 68. Liability cessation and unexplained cash credits analyzed.
ITAT Nagpur allows Revenue’s appeal in ACIT Vs Unique Realities Builders & Developers, validating Section 153C proceedings and Section 69A income additions.
Section 263 could not be used merely to impose a different view on the estimation rate. Since the declared income exceeded the presumptive tax threshold, there was no loss to revenue, making the revision unjustified.
Analysis of Section 263 proceedings in a case involving a builder and developer. Learn why the PCIT directed reassessment for AY 2016–17 and key judicial observations.
Addition made in the case of assessee was held to be unjustified. Assessee had established and satisfied all the three ingredients being identity, creditworthiness and genuineness of share capital contribution to explain credit in terms of provisions of section 68.
ITAT Nagpur overturns CIT(A) order, allowing deduction under Section 80P for a cooperative society. The tribunal rules AO’s disallowance was unjustified.
ITAT Nagpur ruled in favor of Panchmurti Education Society, allowing exemption under Sections 11 & 12 of the IT Act despite delayed return filing.
ITAT Nagpur held that addition under section 68 of the Income Tax Act without providing an opportunity to assessee to cross-examine the person whose statement was relied upon is untenable in law and hence liable to be deleted.
After the receipt of intimation, the assessee found mistake in the Tax Audit Report in which the Tax Auditor has mistakenly filled the due date of payment in column of actual date of payment and vice-versa.
ITAT Nagpur held that interest income earned by co-operative society from its investments made with other co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. Accordingly, appeal of the assessee allowed.
