Simply writing I am satisfied in the approval u/s 151 of Income-tax Act,1961 is sufficient to show that Sanctioning authority applied its mind while approving reassessment proceedings u /s 148 of Income-tax Act,1961
ITAT Mumbai held that issuance of notice under section 148 of the Income Tax Act in contravention of the provisions of section 151, as the sanction of the concerned Specified Authority was not obtained, is void abinitio and bad in law.
Madras High Court held that finalizing of assessment without considering reply and in absence of personal hearing is against the principles of natural justice. Accordingly, order set aside.
ITAT Cochin held that disallowance under section 14A read with rule 8D of the Income Tax Rules in a mechanical manner without recording proper satisfaction is unsustainable in law. Accordingly, addition set aside.
ITAT Cochin held that denial of registration u/s. 80G to the existing trust alleging belated filing of application applying sub clause (iii) of proviso to section 80G(5) unjustified as the same apply to newly formed trust only.
Supreme Court reviews the Kakadia Builders case, addressing Settlement Commission’s authority to waive interest under Sections 234A, 234B, and 234C of the Income Tax Act.
In view of this, tax officer did not allow the offset of LTCL against LTCG and the carry forward. CIT (A) overturned tax officer’s decision, stating that the transactions were part of legitimate tax planning and that the method of sale was a commercial consideration.
ITAT Chennai held that interest earned out of savings bank account maintained in a co-operative bank cannot be treated as income or dividend from investment and accordingly deduction u/s. 80P(2)(d) of the Income Tax Act not eligible.
After taking cognisance of the reply of the assessee, PCIT held that AO has not applied his mind in respect of the amended provisions of Section 14A and, therefore, the Assessment Order is prejudicial to the interest of Revenue and is erroneous.
ITAT Chandigarh held that passing of an ex-parte order by CIT(A) without considering the merits of the case is unjustified. Accordingly, matter restored to the file of CIT(A) for fresh consideration.
