Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
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Income Tax : ITAT Bangalore held that additions made in an intimation under Section 143(1) cannot be disputed in an appeal against a scrutiny a...
Income Tax : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
ITAT Hyderabad held that reopening of assessment u/s. 148 of the Income Tax Act is void-ab-initio since income escaped assessment doesn’t exceed Rs. 50 lakhs or more. Accordingly, assessment order passed by AO is quashed.
ITAT Mumbai held that trade advances, being in the nature of commercial transaction, would not fall within the ambit of the provisions of section 2(22)(e) of the Act and therefore the addition made by the AO is deleted. Accordingly, appeal allowed.
Aggrieved against the directions of CIT(A) to the AO for assessment of gross profit on unaccounted sales of unaccounted purchases and enhancement on account of disallowance of cash payment u/s.40A(3) of the Act, the assessee came in appeal before the Tribunal.
Thereafter, there was change in incumbent and fresh opportunity was provided and notice u/s.142(1) was issued. But this notice was returned back with the remarks that “the assessee was not in given address”.
ITAT Pune held that non-inclusion of disallowance u/s. 43B while filing income tax return is bona fide and inadvertent error. Accordingly, imposition of penalty under section 270A for bona fide mistake without intent to evade payment of tax is not justifiable.
ITAT Ahmedabad held that revisionary proceedings under section 263 of the Income Tax Act not invocable as assessment made by AO after proper verification of evidences. Further, assessment order is neither erroneous nor prejudicial to interest of revenue.
ITAT Raipur that where the income of the assessee has been computed by applying a gross profit rate, there is no need to look into the provisions of Section 40A(3) of the Income Tax Act as gross profit rate takes care of expenses otherwise than by way of crossed cheque.
The petitioner filed its return of income u/s 139(1) of the Act on 24 November 2014 which was subsequently revised on two occasions namely on 17 March 2016 and 25 March 2016 which was further modified on 29 November 2016.
ITAT Raipur held that reassessment proceedings under section 147 of the Income Tax Act without any fresh material, amounts to mere change of opinion, and hence the same is not sustainable in law.
ITAT Raipur held that change in method of depreciation can be reason for difference in closing stock of plant and machinery in previous year vis-à-vis opening stock in current year and the same needs further examination, hence matter restored back.
