ITAT Pune cancels penalties under Section 270A due to procedural lapses in AO’s notices, citing failure to specify relevant clauses of misreporting.
ITAT Pune removes Section 270A penalties due to defect in penalty notice lacking reference to specific misreporting clause. Appeals allowed for two assessment years.
ITAT Pune deletes Section 270A penalty on salaried assessee due to lack of specific clause in penalty notice and reliance on tax consultant’s actions.
Karnataka High Court allows ESOP discount as deductible expense under Section 37 for Biocon Ltd. Revenue’s appeal dismissed for AY 2004–05.
Delhi High Court voids tax assessment by National Faceless Assessment Centre for denying personal hearing request, citing violation of Income Tax Act’s Section 144B.
Gujarat High Court overturns ₹107 crore tax assessment due to Income Tax Department’s failure to grant a personal hearing, citing natural justice violation.
Calcutta HC rules share sale profits as capital gains for Century Plyboards, citing investment intent and consistent past tax treatment.
Gujarat High Court upholds ITAT ruling in Tejua R. Kapadia case, dismisses Revenue’s appeal on alleged bogus purchases of over ₹5.19 crore.
ITAT Chennai rules on Sakthi Realty case, deleting additions for unexplained deposits. Details on customer deposits, tax assessment, and tribunal’s decision.
ITAT Surat rules penalty under Section 272A(1)(d) must be limited to first default, not per notice. Penalty reduced to ₹10,000 due to partial non-compliance.
