ITAT Ahmedabad upheld the deletion of a ₹1.42 lakh penny stock addition. The Revenue failed to produce evidence (contract notes, demat statements) linking the assessee to the bogus transaction.
CESTAT Chennai held that the impugned order is liable to be set aside since declared assessable value of imported black pepper accepted. Accordingly, the appeal is allowed and penalties-imposed u/s. 112 and 114AA of the Customs Act quashed.
Ahmedabad ITAT restores Kajal Co-op Society case to AO. AO must verify if plots are stock-in-trade or capital assets before applying Section 50C and adding ₹1.1 Cr.
Delhi High Court held that penalty imposed on Courier Agency due to non-exercise of due-diligence since courier agency failed to notice that commercial goods were being sent under disguise of gift. Accordingly, petition dismissed.
ITAT Ahmedabad deletes ₹25.66 Lakh addition u/s 68, holding cash deposits explained as regular collections from trade debtors cannot be treated as unexplained credits when AO presents no contrary evidence.
Ahmedabad ITAT set aside a ₹13.86 lakh penalty u/s 270A after the quantum appeal was restored to the CIT(A) for a fresh decision, citing the consequential nature of penalty.
ITAT Chennai quashes assessment because the notice u/s 143(2) was issued by a non-jurisdictional AO after jurisdiction transfer u/s 127 was effective. Jurisdictional error is fatal; entire assessment declared void ab initio.
ITAT Delhi deletes Rs. 52.65 Cr notional interest addition, affirming only real income is taxable. It allows Rs. 20.18 Cr theft loss and Rs. 12.09 Cr flood/expiry loss on unsaleable inventory.
Delhi ITAT ruled that a Rs. 3.74 Cr tax addition on suppressed profit was illegal. Extrapolating income beyond the search date without evidence is impermissible.
Pune ITAT set aside a CIT(E) order, ruling that a wrong clause in Form 10AB isn’t fatal. Directs CIT(E) to allow rectification & reconsider 12AB registration/80G approval.
