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An assessment was quashed as the ACIT (a senior authority) issued the reassessment notice for an income below the Rs.15 Lakh limit, which was exclusively the ITO’s jurisdiction. The Tribunal affirmed that this jurisdictional defect is fatal and cannot be cured, following the Bombay High Court’s ruling.
The Kolkata ITAT allowed Winner Tradecom Pvt. Limited’s appeal, deleting a ₹15 lakh addition made under Section 68 for an alleged credit from a shell company.
Himachal Pradesh High Court refuses to decide on the jurisdiction of Section 148 Income Tax notices for AY 2020-21 as a similar issue is pending before the Supreme Court; proceedings are stayed.
The ITAT Delhi fully dismissed the Revenue’s appeal, confirming the deletion of both the Rs.8.09 Cr peak credit addition and the Rs.49.54 Lakh interest disallowance after the assessee proved the sufficiency of own capital and commercial expediency. Consequently, the assessee’s cross-objection against the validity of the reassessment was dismissed as infructuous, reinforcing that no addition can be sustained without adequate proof of unexplained income.
The ITAT instantly dismissed the Revenues appeal because it only challenged the merits of additions, not the CIT(A)s core finding that the reassessment notice was time-barred. When the foundation of the reassessment is quashed and that ruling isnt appealed, all subsequent additions automatically collapse.
ITAT Kolkata held that issuance of reassessment notice under section 148 of the Income Tax Act expiry of specified period of limitation is time barred and hence invalid and bad-in-law. Accordingly, appeal of assessee is allowed and notice is quashed.
The ITAT deleted a Rs.1.30 crore addition, ruling that the reassessment was invalid because the reason for reopening (payments made by the assessee) was entirely different from the reason for the final addition (loan received by the assessee). The Tribunal held that an addition made on a new, unrecorded reason renders the reassessment proceedings unsustainable in law.
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 core issue was whether the Revenue could make a Section 68 addition when the same share investors and identical facts were previously validated by the ITAT in earlier years. The Delhi ITAT upheld the principle of judicial consistency, confirming the deletion of the full addition and concluding that without new evidence, the genuineness of the share application money stands proven.
