ITAT Bangalore rules against disallowance under Section 143(1) citing invalidity of updated return filed under Section 139(8A) by co-op society.
That apart, the Courts have the discretion to decide whether the interest is payable from the date of institution of the suit, a period prior to that, or from the date of the decree, depending on the specific facts of each case.
Bombay High Court held that department have acted contrary to the SOP under section 144B of the Income Tax Act violating the principles of natural justice. Accordingly, assessment order passed thereon is liable to be quashed.
ITAT Mumbai allows appeal of Jasmine Bhaskar Shah against PCIT’s Section 263 revision on exemption under 54F and indexation of gifted shares.
Bombay High Court seeks reasons for delay in IT refund to Kalmar India, directs affidavit from PCIT-6 and warns of accountability for interest burden on state.
High Court held that the addition sustained by the ITAT lacked evidentiary basis and was founded on unwarranted suspicion. The assessee had duly discharged the onus placed upon him to prove the genuineness of the gifts. Accordingly, the Court quashed the addition and allowed the appeal.
: ITAT Delhi quashes LTCG addition for Veena Gupta, citing violation of natural justice due to denial of cross-examination of key witnesses.
ITAT Delhi rules for Shoubit Goel (HUF), allowing LTCG u/s 10(38) on Unno Industries shares. Lack of specific evidence against assessee overrides AO’s doubts.
Madras HC discharges auditor Murali Krishna Chakrala in money laundering case linked to bogus imports, citing lack of direct involvement and cooperation with ED.
ITAT Bangalore cancels ₹2.20 lakh penalty on Rajiv Duseja for cash loans from family. Cites precedents on genuine transactions & reasonable cause.
