ITAT Mumbai dismisses Krishna Residency CHS’s appeal, refusing to condone a 2240-day (over six-year) delay. The tribunal found the society’s explanations for the delay contradictory and unsubstantiated, upholding the lower authority’s decision.
The ITAT ruled that a PCIT cannot use Section 263 to revise an assessment order that is “non-est” in law due to a procedural defect.
The ITAT Mumbai has ruled that interest on borrowed funds used for capital reduction is a valid business expense under Section 36(1)(iii) of the Income Tax Act. The tribunal also clarified that the buyback tax under Section 115QA cannot be applied to capital reduction transactions completed before the June 1, 2016 amendment.
The ITAT Raipur quashed the reopening of an assessment under Section 147, ruling that search-based cases on third-party material must be initiated under Section 153C.
ITAT Kolkata set aside a tax addition under Section 56(2)(x), ruling that the AO must offer a DVO valuation before relying solely on the property’s stamp duty value.
The ITAT Visakhapatnam dismissed an appeal due to persistent defects. The ruling high-lights that failing to submit mandatory documents and fees can lead to an outright dismissal.
Mumbai ITAT has set aside an ex parte tax assessment, ruling that a genuine dispute between partners was a valid reason for non-compliance.
The ITAT has granted a final opportunity to a cooperative society in a tax dispute, despite its repeated defaults, to ensure a fair hearing on the merits of the case.
Delhi HC sets aside the rejection of an exporter’s GST refund, ruling the department’s reasoning was flawed as the LUT was filed before exports.
Calcutta High Court quashed a GST penalty under Section 129, ruling the tax authority relied solely on an unverified supplier statement without proving intent to evade tax.
