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.
The ITAT Kolkata restored an appeal, granting an assessee a fresh opportunity to submit evidence after the previous appeal was dismissed due to non-compliance.
Delhi High Court held that reassessment proceeding u/s. 148 of the Income Tax Act cannot be sustained as based on survey operations without there being any tangible material. Accordingly, petition allowed.
ITAT Ahmedabad deleted an income addition and penalty on a taxpayer, accepting her explanation that cash deposits came from her husband and brother.
The ITAT Delhi deleted income additions on alleged bogus loans and donations, ruling that a defective sanction for reopening an assessment beyond four years invalidates the entire proceeding.
ITAT Delhi deleted a ₹10.75 crore addition on old unsecured loans, ruling that tax authorities cannot tax existing liabilities as fresh income without evidence of bogus transactions.
