The Income Tax Appellate Tribunal (ITAT) Surat deleted a Rs. 2.52 crore tax addition on capital introduced by partners, citing judicial precedents that a firm cannot be taxed for partners’ investments.
ITAT Kolkata ruled that a reassessment is invalid if the Assessing Officer fails to make an addition based on the original reason recorded for reopening the case.
The ITAT Kolkata has quashed a reassessment notice and a subsequent Rs. 7.03 Cr addition, ruling that once a Section 263 revision proceeding is dropped, a Section 147 reassessment on the same issue cannot be initiated.
The ITAT Kolkata deleted an addition under Section 41(1) of the Income Tax Act, ruling that a written-back liability already taxed cannot be subjected to double taxation.
The ITAT Ahmedabad has sent a cash deposit addition case back to the Assessing Officer for review, citing new evidence including a joint bank account with an agriculturist father and an affidavit.
The ITAT Kolkata dismissed an appeal from Ma Shanti Agro Foods Pvt. Ltd. after the tax dispute was resolved by the CBDT’s circular and a subsequent rectification by the CPC.
The ITAT Kolkata restored an assessee’s claim for a concessional tax rate under Section 115BAA, ruling that the delay in filing Form 10-IC was a procedural error.
ITAT Kolkata ruled that the relinquishment of a tenancy right is a capital gain, and exemptions under sections 54 and 54F can be claimed simultaneously.
The ITAT Ahmedabad dismissed an appeal from Goldmine Commodities Pvt. Ltd. for being defective. The court found the grounds of appeal to be verbose, argumentative, and containing irrelevant allegations, failing to comply with legal requirements.
ITAT Kolkata ruled that a reassessment is invalid if no addition is made on the original reason for reopening the case, as the foundation for the reassessment collapses.
