Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Nagpur held that a 50-year lease is not a transfer under Section 2(47)(vi) where the transaction is only a lease and not an a...
Income Tax : ITAT Ahmedabad allowed Section 10(10B) exemption on BSNL VRS compensation, following coordinate bench rulings despite no claim in ...
Income Tax : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
ITAT held that reassessment notices under sections 147/148 were invalid as the reasons were vague and lacked tangible evidence. Reopening cannot be used merely to verify or scrutinize transactions without proper justification.
The Tribunal ruled that duty drawback income recognized on cash receipt basis cannot be taxed on accrual, as consistent accounting practice caused no revenue loss.
Enhancement of cash deposits by CIT(A) was set aside due to lack of proper hearing. ITAT remitted the case for fresh adjudication, safeguarding the assessee’s opportunity to explain transactions.
The Tribunal allowed the assessee’s appeal for re-examination of a section 36(1)(va) addition due to inadvertent error in the original audit report. The matter was restored to the AO to pass a speaking order. This highlights the importance of rectifying audit errors to prevent wrongful income additions.
The Tribunal held that suspicion or reference to unconnected investigations cannot justify denying legitimate interest expenditure. It reiterated that opening balances accepted in earlier years cannot be treated as non-genuine in a subsequent year without contrary evidence.
The ITAT held that an assessee’s procedural lapses cannot override statutory entitlement to deductions under section 10A. The AO must verify substantive conditions, including STPI registration and export realization, before rejecting a claim.
The ITAT held that reassessment notices issued without the correct statutory sanction under section 151(ii) are void ab initio, emphasizing that procedural compliance is crucial before examining merits of the case.
The Tribunal held that joint ownership of multiple residences does not disqualify a taxpayer from Section 54F benefits. It upheld the CIT(A)’s decision allowing the deduction and rejected the Revenue’s reliance on contrary precedent.
Reopening Based on Incorrect LTCG Information Invalid; Long-Held Penny-Stock Shares Treated as Genuine — ITAT Mumbai Quashes Additions
The ITAT ruled that a reassessment notice issued by a non-jurisdictional officer is void, quashing a demand of ₹1.01 crore and invalidating the assessment.
