The ITAT Mumbai has ruled that brought-forward business losses cannot be set off against short-term capital gains from the sale of depreciated assets, upholding the disallowance.
ITAT Delhi upheld the disallowance of setting off brought-forward business losses against short-term capital gains from the sale of depreciated assets, clarifying the inapplicability of Section 41(2).
The ITAT Mumbai quashed a penalty against an assessee, ruling that the penalty order was time-barred as it was issued beyond the limitation period specified under Section 275(1)(c).
The ITAT Delhi deleted a demonetisation-related cash deposit addition for a jeweller, ruling that Section 68 doesn’t apply to recorded sales and that a profit cannot be taxed twice.
ITAT Delhi deleted penalties against Sahara India Commercial, citing a defective “omnibus” notice and a time-barred, invalid reassessment based on “borrowed satisfaction.”
ITAT Delhi held the reopening of an assessment invalid for Viramgam Mahesana Project Limited, ruling against borrowed satisfaction and a “change of opinion” by the Assessing Officer.
Mere initiation of reassessment proceedings, which remain unfinalized, could not be a ground to deny an assessee the benefits available under the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024.
Addition of cash withdrawal under Section 69C in relation to the legitimate gold loan intermediary business was not justified observing that the documentary evidence including gold loan recorded validated gold loan business, thus there was no unexplained nature in the withdrawal.
Anybody carrying on the business of Digital Marketing with cash transactions both on the aspect of receipts and payments in cash below 5% of the turnover, which was below Rs.5 Crores as per the proviso to Section 44 AB (a), the said assessee was not required to file an audit report and they were exempted.
ITAT Visakhapatnam ruled a temple trust cannot claim Section 12A exemption for years prior to its registration, unless assessment proceedings were already pending.
