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Drawing on precedents, the ITAT held that a mandatory Section 153D approval for search assessments must be proven. The assessment order was set aside because the Department could not locate or produce the JCIT’s prior approval and satisfaction note after eight years.
ITAT Kolkata held that passing of reassessment order without issuing any notice under section 143(2) of the Income Tax Act is bad in law and not jurisdictional. Accordingly, order quashed and addition is deleted.
Tax treatment of a foreign exchange fluctuation depended entirely on the nature of the underlying asset or liability. Gains or losses on capital items (like a long-term investment or loan) were not typically recognized for tax purposes until the asset was actually sold or the loan was repaid.
The ITAT remanded the assessment for an individuals commission income, ruling that the Assessing Officer (AO) must first verify if the income was already offered to tax by the company of which the assessee was a Director. The key takeaway is the prohibition of double taxation on the same income, directing the AO to delete the addition if the company has paid the tax.
The Lucknow ITAT ruled that a cash deposit cannot be treated as unexplained income if the assessees prior cash withdrawals from the bank are greater than the amount deposited. The burden shifts to the Revenue to prove the cash was used elsewhere, which they failed to do in this case.
The Tribunal held that since over 70% of the consideration was paid in 2012 against an allotment letter, the transfer was deemed complete in the earlier year under the Income Tax Act, despite the 2016 registration date. This precedent ensures that the stamp duty value difference provision cannot be applied retrospectively to transactions substantially completed before the law changed.
The ITAT deleted additions in a search assessment, ruling that the AO couldn’t disallow depreciation or sub-contract expenses solely based on an unverified third-party statement without granting the assessee cross-examination. The Tribunal emphasized that denial of natural justice and reliance on suspicion cannot replace documentary evidence, such as bank payments and TDS.
The ITAT confirmed that even where technical jurisdiction exists (i.e., abated years), high-pitched additions must be examined on substantive merits, finding the AOs reliance on conjecture and arbitrary estimations unsustainable. This judgment serves as a strong precedent that mere jurisdiction under Section 153A doesn’t grant a license for evidence-less or double taxation.
ITAT Raipur held that since order passed by Pr. CIT u/s. 263 is quashed the addition made by AO u/s. 143(3) r.w.s 263 does no more survive. Therefore, appeal of the assessee allowed and addition made by AO liable to be quashed.
ITAT Hyderabad held that condition of investment to the corpus donation in mode prescribed under section 11(5) of the Income Tax Act is effective only from 01/04/2022. Hence the said condition is not applicable in the relevant year. In the result, appeal of assessee is allowed.
