Category: ITAT
Assessment order has to be read as it is and there is no scope for drawing any inference or reading between the lines of an assessment order – ITAT In a recent judgment, the ITAT set aside the revisonary order u/s 263 holding that Assessment order has to …
Belief of the Assessing Officer regarding escapement of income should be based on some tangible information In a recent judgment, the ITAT has held that belief of the Assessing Officer regarding escapement of income should be based on some tangible information and it should not be mere pretence …
Capital gain tax in JDA is in the year of receipt of constructed area and not in year of entering into joint development agreement – ITAT In a recent judgment, ITAT has confirmed that capital gain tax in the case of a joint development agreement is in the …
Simply holding that AO was required to make more enquires is not a valid ground to hold assessment order as erroneous and prejudicial – ITAT ABCAUS Case Law Citation:ABCAUS 3892 (2024) (03) ITAT In the instant case, the assessee had challenged the revisionary order u/s 263 passed by …
Assessee can not be prevented from claiming an income exempt merely because such income was wrongly offered in ITR which was not revised – ITAT In a recent judgment, ITAT has set aside a case for fresh determination of taxability of receipts wrongly offered to tax in return …
CIT(A) directed to consider rectification application u/s 154 against CPC adjustment made u/s 143(1)(a) In a recent judgment, ITAT has directed CIT(A), NFAC to consider rectification application filed by assessee u/s 154 against CPC adjustment made u/s 143(1)(a). ABCAUS Case Law Citation:ABCAUS 3889 (2024) (03) ITAT In the …
No penalty can be levied if AO failed to record such satisfaction in assessment order. Penalty proceedings would necessarily be initiated in the quantum assessment order itself. In a recent judgment, ITAT has deleted income tax penalty u/s 271D and 271E holding that no penalty can be levied …
There is no presumption that people having low income cannot have small saving In a recent judgment, ITAT has deleted addition u/s 69 towards cash deposit in bank holding that here is no presumption that the people having low income cannot have small savings. ABCAUS Case Law Citation:ABCAUS …
Addition u/s 40A(3) deleted- CBDT can not impose new condition for grant of benefit which are not provided in Act or Rules – ITAT In a recent judgment, ITAT has deleted addition u/s 40A(3) towards cash purchases observing that Income Tax authorities can’t imposed new condition for grant …
Penalty u/s 272B for non-quoting of PAN deleted as show cause notice u/s 274 did not specified default done by the assessee In a recent judgment, ITAT has deleted Penalty u/s 272B for non-quoting PAN as show cause notice issued u/s 274 did not clearly specified default done …