ITAT Chennai held that reassessment notice under section 148 of the Income Tax Act without mandatory Document Identification Number [DIN] is invalid, non-est and hence liable to be quashed. Accordingly, assessment order thereon also collapses.
Tribunal rules that Mtitanium Apartments cannot claim ₹1.10 crore brought forward business losses as the income tax return for AY 2023-24 was filed late, despite medical hardship.
The Income Tax Appellate Tribunal (ITAT) in Delhi has ruled that a disputed tax addition is no longer valid after the Assessing Officer (AO) himself rectified the initial assessment order under Section 154 of the Income-tax Act, granting the taxpayer full relief.
The ITAT Delhi has deleted a Rs. 21.66 crore addition to a taxpayer’s income, ruling that the Assessing Officer illegally expanded the scope of a limited scrutiny. The Tribunal also held that the purchase and reconstruction of an old house qualifies for tax exemption under Section 54F.
ITAT Delhi has quashed an ex-parte assessment, ruling that the transfer of an assessee’s file between Assessing Officers requires a specific order under Section 127 of Income-tax Act.
ITAT Delhi’s ruling in DCIT Vs FMI Automotive Components Pvt. Ltd. deletes ad hoc disallowances on forex, repairs, and an insurance claim, confirming such additions are unsustainable without specific defects.
The ITAT Delhi allowed a Rs.1.19 crore foreign exchange loss for Donyi Polo Timbers on import creditors, affirming a consistent accounting method despite a lack of business operations.
The Income Tax Appellate Tribunal (ITAT) in Mumbai ruled that the Finance Act 2022 amendment, which shortened the period for charitable trusts to utilize accumulated income from six to five years, is not retrospective.
ITAT Delhi’s ruling in Pawan Kumar Agarwal Vs ACIT restricts an unexplained cash addition to a 10% GP rate, reducing it from ₹1.5 crore to ₹15 lakh. It upholds that stock and cash belonging to the assessee’s sons’ firm are not taxable in the assessee’s hands.
The Income Tax Appellate Tribunal (ITAT) Pune dismissed an appeal by the Income Tax Department, affirming that a cooperative credit society was not liable for unexplained cash credits under Section 68.
