Category: ITAT

The prima facie satisfaction u/s 148 cannot be stretched to a non-existing information or incorrect information – ITAT In a Recent judgment, ITAT Hyderabad has held that the prima facie information considered by the AO for issue of notice u/s 148 cannot be stretched to a non-existing information …

Merely because assessee had declared sales for only one month, the same cannot be treated as bogus on the basis of suspicion. In a recent judgment, ITAT Agra has held that merely because the assessee had declared sales for only one month during the year, the same cannot …

ITAT deleted addition as the method of accounting had been accepted by the department in earlier years and the entire exercise was revenue neutral In a recent judgment, ITAT Delhi deleted addition made as the method of accounting had been accepted by the department in earlier years and …

Once cash sales are accepted, section 68/69A cannot be invoked merely for violation of RBI guidelines for receipt of SBNs after demonetisation– ITAT In a recent judgment, ITAT Ahmedabad has held that once cash sales recorded in books are accepted, section 68/69A cannot be invoked merely for violation …

Payment made on behalf of the shareholder and debited to his deposit account having credit balance not deemed dividend u/s 2(22)(e) – ITAT In a recent judgment, ITAT Ahmedabad has held that payment made by the company on behalf of the shareholder and debited to his deposit account …

New Tax Regime benefit granted despite belated filing of Form 10IE in view of directions of Supreme Court for exclusion of covid period from limitation In a recent judgment, ITAT Bangalore has held that the failure to file the Form 10IE on or before the due date for …

Revenue can not take advantage of mistakes of assessee, ITAT remands claim of exemption u/s 10(23C)(iiiad) to AO In a recent judgment, ITAT Lucknow remanded the claim of exemption u/s 10(23C)(iiiad) to AO as assessee by inadvertent typographical mistake wrongly claiming exemption u/s 10(23C)(iv) instead of correct section …

Claim of exemption u/s 10(26) of the Act cannot be granted merely on the basis of tribal status and residence – ITAT In a recent judgment, ITAT Guwahati has held that the claim of exemption u/s 10(26) of the Act cannot be granted merely on the basis of …

Statement recorded during search on standalone basis has no evidentiary value and cannot be acted upon to fasten any liability on the assessee – ITAT In a recent judgment, ITAT Hyderabad has held that a statement of assessee recorded at the time of search on standalone basis has …

In case of estimation of income, penalty under Section 270A of the Income Tax Act cannot be imposed – ITAT In a recent judgment, ITAT Ranchi has held that in case of estimation of income, penalty under Section 270A of the Income Tax Act cannot be imposed ABCAUS …