Category: ITAT

Penalty u/s 270A deleted as assesse filed revised computation during scrutiny correcting the mistake which was noticed only after the case was selected for scrutiny. In a recent judgment, ITAT has deleted penalty u/s 270A as the assesse filed revised computation during scrutiny and stated that due to …

Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous and preceding year deleted by ITAT In a recent judgment, ITAT has held that unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. …

Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment  – ITAT In a recent judgment, ITAT Guwahati has held that merely rectifying  computation without touching in the body of order without giving opportunity to the assessee does not nullify the …

Once assessee discharges primary onus of providing basic documents in support of the identity, genuineness and the creditworthiness it shifts to AO to bring any evidence to the contrary – ITAT In a recent judgment, ITAT has held that once the assessee discharges his primary onus of providing …

Power of CIT(A) under section 251(1)(a) to remand case could be exercised only when the assessment is passed u/s 144 of the Act only. In a recent judgment ITAT has held that the power to remand case entrusted to CIT(A) under newly inserted proviso to section 251(1)(a) of …

  AO was not competent in valuing the share premium amount as he is not an expert to do the job – ITAT In a recent judgment, ITAT Calcutta has deleted addition made by the AO by calculating fair market value of shares premium by applying the NAV …

Under Dayabhag law there is nothing to prevent Bengalis to be in Hindu Joint Family (HUF) In a recent judgment, ITAT has held that Bengali have right to be in Hindu Joint Family (HUF) against the Assessing Officer (AO) holding that under Dayabhag law there is no concept …

There is no presumption of accuracy or truthfulness of any loose sheet found in search premises of a third party – ITAT In a recent judgment, ITAT has held that presumption u/s 132(4A) r.w.s. 292C is applicable only in case of searched person and cannot be raised against …

Respondent assesse, under Rule 27 not entitled to raise a ground which would work adversely to the appellant Revenue – ITAT In a recent judgment, ITAT Lucknow has held that the respondent assesse, under Rule 27 is not entitled to raise a ground which would work adversely to …

Requirement for filing Form 67 for claiming Foreign Tax Credit (FTC) is only directory and not mandatory – ITAT In a recent judgment, ITAT Allahabad has reiterated that requirement for filing Form 67 for claiming Foreign Tax Credit (FTC) is only directory and not mandatory, recourse to provisions …