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Read the full text of the ITAT Bangalore order in the DACSS Granites Pvt. Ltd. case. The tribunal rules that immunity under Section 270AA(2) cannot be denied due to a belated Form-68 application.
ITAT Mumbai restored the matter of addition under section 68 towards agricultural income since all facts and records for sales are not brought on record. ITAT directed assessee to demonstrate that sales made to parties are genuine.
Gujarat High Court held that AO couldn’t assume jurisdiction to reopen assessment, without forming independent opinion, solely and mechanically relying upon the information received from the other sources. Accordingly, reopening u/s. 148 quashed.
ITAT Ahmedabad held that additions under section 68 of the Income Tax Act is not sustainable since assessee established identity, genuineness and creditworthiness of the lenders. Accordingly, addition u/s. 68 deleted.
ITAT Delhi held that there is no case for making any addition u/s 68 of the Act in the hands of the assessee by denying the exemption under section 10(38) of the Act for the LTCG on sale of shares of Unno Industries Limited. Accordingly, appeal allowed.
In the matter abovementioned ITAT allowed appeal of the assessee by holding that assessee is eligible for claim of deduction u/s.80P(2)(a)(i) that all its income is from members.
ITAT Ahmedabad held that addition under section 56(2)(vii)(b) of the Income Tax Act without referring valuations of property to DVO as per the provisions of sec-50C of the Income Tax Act is liable to be deleted. Accordingly, appeal allowed.
Before ITAT it was submitted by assessee that both the lower authorities have erred in deciding the appeal ex-parte. Revenue also admitted that orders of lower authorities were ex-parte.
ITAT Jaipur held that addition towards unexplained cash credit under section 68 of the Income Tax Act merely based on retracted statement cannot be sustained. Accordingly, appeal of the revenue dismissed.
ITAT Jodhpur held that addition of income and capital gain tax levied thereon is liable to be set aside as land not situated within the municipal limits of Sardarsahar. Accordingly, appeal of the assessee allowed.
