Explanation to Section 14A has only a prospective effect from April 1, 2022, and cannot be retrospectively applied to earlier assessment years.
ITAT Ahmedabad dismisses Somnath Kelavni Mandal’s income tax appeal due to continuous absence in proceedings. Case pertains to unexplained cash deposits under Section 69A.
ITAT Delhi held that provision of section 43A of the Income Tax Act not invocable when there is only reinstatement of fluctuation loss as per accounting standards and there is no actual payment or remittance. Thus, appeal allowed.
ITAT Bangalore reverses addition of ₹12 lakh under Section 68, accepting sales as the source of cash deposits made during demonetization by Raju Rajesh.
ITAT Mumbai condones a 2202-day delay in filing appeal by Palmera Co-op Housing Society. Bona fide belief in rectification under Section 154 upheld.
ITAT Bangalore sets aside AO’s decision in Qlik Tech International AB vs DCIT, addressing PE classification, TDS credit, and tax refund interest disputes.
ITAT Chennai deletes additions under Section 69A for cash deposits made during demonetization by P. Tamilmani. Case highlights proper accounting and unjustified suspicions.
ITAT Mumbai sets aside CIT(A) order in Pukhraj Shreemalji vs. ITO due to lack of proof of notice service, restoring the matter for fresh adjudication.
ITAT Mumbai dismisses Revenue’s appeal against Kotak Mahindra Life Insurance, citing precedents favoring the insurer on taxation of surplus and negative reserves.
Bombay High Court allows Karnataka Sangha’s appeal, condoning a 15-day delay in filing Form-10B under the Income Tax Act, citing reconstruction and COVID-19 disruptions.
