Category: ITAT

Denying the accumulation of u/s 11(2) merely on grounds of a procedural delay in filing Form No. 10 is unsustainable in law. In a recent judgment, ITAT has held that denying the accumulation of under section 11(2) merely on grounds of a procedural delay in filing Form No. …

Immunity u/s 270AA(2) in respect of a single transaction can not be denied to one assessee when the penalty was dropped for other assessee. In a recent judgment, ITAT has allowed immunity from penalty u/s 270A to the assessee for not declaring capital gain on property observing that …

ITAT deleted addition u/s 69A towards jewellery found in search in view of Indian traditions, CBDT Instruction and High Court decisions In a recent judgment, ITAT held that the 2000 gram jewellery found in the case of assessee, and his family was very much reasonable, keeping in mind …

At the stage of registration u/s 12AB, the CIT(E) not empowered to adjudicate applicability of provisio to section 2(15) of the Act – ITAT In a recent judgment, ITAT has held at the stage of registration u/s 12AB, the CIT(E) not empowered to adjudicate applicability of provisio to …

Unsigned document has no validity or veracity in law and cannot be a basis for levying penalty u/s 271DA – ITAT In a recent judgment, ITAT has held that an unsigned document has no validity or veracity in law and Department cannot assume assessee to have made any …

Non issuance of notice u/s 143(2) for return filed u/s 148 even though belatedly, makes the assessment framed bad in law and void ab initio – ITAT In a recent judgement, ITAT has held that if no scrutiny notice u/s 143(2) is issued in respect of return filed …

Mere non-deduction of TDS by the deductor on a transaction does not change the character of the transaction to make it unexplained income. In a recent judgment, ITAT has held that merely, because TDS has not been deducted on a particular transaction does not change the character of …

Merely because assessee did not explain purpose of cash withdrawal from bank, it can not be taxed u/s 69C as unexplained expenditure In a recent judgment, ITAT has deleted addition u/s 69C holding that an amount withdrawn from the bank account of the assessee, the source of which …

For claiming deduction u/s 57(iii) a reasonable and intelligible nexus should be established between the expenditure incurred and the income sought to be earned. In a recent judgment, ITAT has held that for claiming deduction u/s 57(iii) a reasonable and intelligible nexus should be established between the expenditure …

Agricultural land is outside the definition of capital asset, therefore, the deeming provision u/s 56(2)(x) cannot be invoked – ITAT In a recent judgment, ITAT has held that where the assessee has purchased agricultural land the same is outside the definition of capital asset, therefore, the deeming provision …