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Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
Where funds were merely routed through the assessee’s bank account, the tribunal ruled that only commission income is taxable. The earlier 2% estimation was reduced to 1.5% as more reasonable.
Capital gains were computed without allowing improvement costs due to submission of an incorrect valuation report. The Tribunal held that a bona fide mistake justified reconsideration with correct evidence.
The core issue was whether lack of knowledge of proceedings justified late appeals. The Tribunal held that notices sent to an inaccessible email amounted to sufficient cause. The decision emphasizes procedural fairness.
The Court ruled that omission to issue Section 143(2) vitiates reassessment at the root. Such a defect cannot be cured, even if the return is alleged to be defective.
The High Court held that long-held, undeveloped land sold by the assessee gave rise to capital gains. Intention, holding period, and conduct outweighed Revenue assumptions.
The dispute concerned late filing of an audit report triggering penalty under section 271B. The Tribunal accepted personal hardship and first-year audit obligation as reasonable cause under section 273B. The decision reinforces relief where delay is genuine and explained.
The case involved a cash seizure treated as unexplained solely because the tax officer assumed no response was filed. The Tribunal ruled that overlooking documentary replies violates natural justice and warrants remand.
The Assessing Officer alleged incorrect claim of stamp duty expenditure without identifying any such entry in the accounts. The Tribunal deleted the addition, holding it to be based on presumption.
The ITAT restored an ex-parte assessment where LTCG was added mechanically without hearing the taxpayer. The ruling reinforces that denial of natural justice vitiates capital gains assessments.
ITAT Mumbai held that disallowance on account alleged fictitious trading loss in absence of any direct incriminating material is not sustainable. Accordingly, CIT(A) rightly deleted the disallowance and allowed the appeal of the assessee. Thus, the present appeal by revenue is dismissed.
