The ITAT Delhi has deleted a ₹25,000 penalty under Section 271A, ruling that F&O turnover for a trader should be calculated based on ICAI’s guidance, not the Assessing Officer’s method.
Delhi ITAT rules that disallowance of expenses under Section 14A cannot exceed the actual exempt dividend income, providing relief to KEI Industries.
Madras High Court held that it cannot be decided that whether Virudhunagar District Central Cooperative Bank Limited is a Cooperative Bank or a Cooperative Society without the said institution is impleaded as party respondent. Hence, writ appeal dismissed.
Delhi ITAT quashed a ₹20 crore tax addition against Karan Motors, ruling the assessment void as the AO lacked a valid jurisdictional order.
Delhi ITAT deletes ₹3.54 lakh TDS demand on a property buyer, ruling that the lower TDS rate certified by tax authorities was correctly applied.
Madras High Court held that commercial tax officer cannot be penalized merely on the ground that the collection target was not reached by him. Accordingly, order imposing penalty is liable to be set aside.
ITAT Delhi dismissed an appeal from a gaushala society, upholding the denial of its income tax exemption due to the lack of mandatory registration under Section 12AA.
Mumbai ITAT rules that an addition under Section 43CA cannot be sustained without a reference to the Departmental Valuation Officer (DVO), especially when the taxpayer specifically requests it. This case highlights the importance of fair valuation in property transactions.
Madras High Court held that order imposing penalty u/s. 122(1)(vii) is set aside and remitted back with a condition to deposit 25% of disputed tax via Electronic Cash Register since petitioner failed to appear.
Madras High Court sets aside GST order, directs tax department to issue circular advising assessees to engage qualified consultants; bank account de-frozen.
