Category: ITAT

Past savings can be a valid source of cash deposits unless proven otherwise by the Department – ITAT In a recent judgment, Lucknow ITAT has deleted addition made under section 69 towards cash deposited in bank account holding that past savings can be a valid source of cash …

AO can’t pass order u/s 154 making additions merely on the admission made by the assessee in application submitted before Settlement Commission. In a recent judgment, ITAT Jaipur has held that Assessing Officer (AO) can not pass order u/s 154 for making additions to the income relying on …

Depreciation allowed where invoices for the fixed assets were in the name of husband of the assessee but payment made by the assessee/debited to her account In a recent judgment, ITAT Allahabad has allowed the depreciation where invoices for the fixed assets were in the name of husband …

Sundry creditors are not loans or advances where creditworthiness to give advances is essential point for examination – ITAT In a recent judgment, the ITAT Lucknow has held that sundry creditors do not represent loans or advances taken by the assessee where creditworthiness to extending the advances are …

Statements recorded u/s 131(1A) instead of section 133A(iii) by survey team were invalid hence no addition can be made merely on the basis of invalid statements – ITAT In a recent judgment, ITAT Chennai has held that statements recorded u/s 131(1A) instead of section 133A(iii) by the survey …

ITAT quashed additions based on entries found in small diary found during search without any corroborative evidence. In a recent judgment, the ITAT Delhi quashed addition based on entries found in small diary found in the course of search without making any independent enquiry or any corroborative evidence. …

Mere non response by assessee to show cause notice u/s 263 is not sufficient to justify revisionary order – ITAT In a recent judgment, ITAT Agra has held that mere non response by the assessee to show cause notice u/s 263 is not sufficient to justify revisionary order …

Penalty u/s 270A can not be levied for only making a claim which was disallowed. Filing of Form No. 68 for claiming immunity u/s 270AA is only procedural and directory – ITAT  In a recent judgment, ITAT Agra deleted penalty u/s 270A holding that no penalty u/s 270A …

Levy of penalty u/s 271(1)(b) for each default in not responding to notices issued u/s 142(1) of the Act was not justified – ITAT In a recent judgment, ITAT Pune deleted penalty u/s 271(1)(b) holding that levy of penalty for each default in not responding to the notices …

Refund of advance amount on cancellation of agreement for purchase of property does not partake the character of loan or deposit or any specified sum as provided u/s 269SS – ITAT In a recent judgment, ITAT Hyderabad deleted penalty u/s 271D holding that refund of advance amount on …