ITAT Pune held that addition towards short term capital gain based on unregistered agreement cannot be sustained since revenue has not brought any evidence on record that possession of property is actually handed over to the purchaser.
Gujarat High Court held that issuance of notice u/s. 148A(b) of the Income Tax Act in the name of deceased person is not sustainable since petitioner already registered legal heir. Thus, notice and order thereof quashed and set aside.
Post completion of assessment, information was received from DDIT(Inv.) Unit-5(2), Mumbai that the share of Gemstone Investment Ltd. was a penny stock and assessee was a beneficiary from trading of the above shares.
ITAT Jaipur upholds reassessment in Akshat Loyalka vs ITO but sends Rs. 12.3L cash deposit issue (Sec 69A) back to CIT(A) for fresh review of evidence.
ITAT Jaipur sets aside penalty under Section 271(1)(c) against Pradeep Garg, citing defective notice and lack of independent evidence from the department.
ITAT Jaipur recalls ex-parte order in Kamla Devi vs ITO, citing natural justice violation and remanding case to AO for fresh adjudication on merits.
Jaipur ITAT remands Arya Samaj Mandir’s tax exemption and 80G approval case back to CIT(E), citing curable defects and stressing the need for a fair hearing.
ITAT Jaipur dismisses appeals by Chandalal Verma, confirming income additions for AY 2011-12 and 2017-18, citing Section 292C presumption on seized documents.
ITAT Jaipur quashes reassessment against Balithal Gram Seva Sahakari Samiti Ltd, citing jurisdictional flaws and lack of ‘live link’ between reopening grounds and final addition.
Gujarat High Court held that reassessment under section 148 of the Income Tax Act is liable to be quashed in as much as all the necessary information were supplied by the assessee and there was no failure to disclose any material fact. Accordingly, reopening quashed.
