ITAT Nagpur held that addition under section 68 towards bogus LTCG set aside as sale transaction of shares cannot be doubted. Thus, sale consideration received on sale of shares cannot be assessed as unexplained cash credit under section 68 of the Income Tax Act.
ITAT Nagpur held that addition on account of LTCG in the hands of firm not justified as property is belonged to the partner in his individual capacity and didn’t belonged to the firm. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
ITAT Nagpur ruled that loose papers found with a third party cannot justify income addition without corroborative evidence, especially if statements are retracted.
ITAT Nagpur rules Prerana Samajik Sanskrutik Trust’s provisional registration was wrongly cancelled. Temporary loans, not lack of genuineness.
Nagpur ITAT remits Aacharya Shri Rushirajbaba Pratishahan’ s 80G registration rejection for fresh consideration, citing denial of adequate opportunity and ordering re-adjudication.
ITAT Nagpur voids reassessment against Rupesh Dhakate, citing lack of jurisdiction as alleged escaped income fell below the Rs. 50 lakh threshold.
ITAT Nagpur rules against arbitrary 10% cash deposit addition under Section 69A, stating no income can be deemed if explanations are credible.
ITAT Nagpur dismissed the Income Tax Department’s appeal against a civil contractor for AY 2011-12, citing ‘cryptic and nebulous’ grounds and a tax effect below ₹60 lakhs.
Nagpur ITAT dismisses Shri Sant Gajanan Maharaj Urban Co-operative Credit Society’s appeal against a Section 271D penalty, noting it was inadvertently filed before the Tribunal instead of the CIT(A).
Nagpur ITAT quashes rejection of Bhartiya Sadvichar Prasarak Mandal’s Section 12AB registration, citing non-service of order and allowing the trust a fresh hearing opportunity.
