Pune ITAT upholds ₹35.92 lakh penalty u/s 270A for misreporting income by a Diagnostic Centre proprietor. Admission of unaccounted cash receipts only after tax survey detection was not considered voluntary disclosure.
In the instant case, a Financial Creditor was an NBFC engaged in the business of providing finance to a wide range of customers including small and medium enterprises. The Corporate Debtor carried on the business as a dealer and manufacturer in automobiles, automobile spare parts and components etc.
Bangalore ITAT deletes unexplained cash addition of Rs.2 lakhs for a student assessee, ruling the scrutiny itself violated CBDT Instruction No. 3/2017, which exempts individuals without business income from verification for deposits up to Rs.2.5 lakhs.
Bangalore ITAT in Suthakar Selvaraj vs. ITO deletes unexplained cash addition for a salaried employee, ruling that mere presumptions about cash withdrawal and re-deposit habits cannot be a basis for addition under the Income-tax Act when bank statements show sufficient withdrawals.
ITAT Chennai sets aside ₹1.03 crore addition; holds that official revenue records and expert reports outweigh Google Earth data in agricultural income cases.
ITAT Chennai remits back applications for 12AB registration and 80G approval of Maditssia Trade Centre. Tribunal holds that proposed convention centre cannot be treated as per se commercial; directs CIT(E) to reconsider after giving assessee opportunity.
A summary of the ITAT Chennai order, which clarified that payments integral to educational activities for domestic students are applicable in India, even if remitted abroad, contrasting with the NASSCOM ruling on foreign events.
ITAT Chennai holds that ₹2 crore loan cannot be added as unexplained investment in lender’s case when already offered before Settlement Commission by borrower.
Late Mahabir Prasad (through L/H Mrs. Parul Kansaria) Vs DCIT (ITAT Bangalore) ITAT Bangalore Restricts Additions in Search Assessment – Statement Alone Not Incriminating- No Addition in Concluded Years Without Incriminating Material- Unaccounted Sales – Only GP Taxable, Not Entire Turnover Bangalore ITAT dealt with additions arising out of search proceedings in the A-One Steel […]
Chennai Bench clarified that under Section 54, only the portion of capital gains unutilised after 3 years is deemed taxable, deleting addition of full ₹5 crore.
