Category: ITAT
Penalty u/s 270A on account under reporting of income deleted as assessee relied upon Supreme Court judgments to claim income exempt In a recent judgment, ITAT Delhi has deleted penalty u/s 270A on account under reporting of income as assessee relied upon judgment of Hon’ble Supreme Court to …
CPC Intimation u/s 143(1)(a) making adjustment without indicating reasons for the rejection of the response of the assessee – ITAT remands case for verification In a recent judgment, ITAT Delhi set aside the order of CIT(A) where CPC Intimation u/s 143(1)(a) made adjustment without indicating whether any response …
During appellate proceedings against order u/s 263, validity of original assessment order can be examined In a recent judgment, ITAT Delhi held that during the course of appellate proceedings against the order passed u/s 263 of the Act, the validity of the assessment order from which such proceedings …
Mere producing purchase and sales vouchers along with books did not mean that the Assessing Officer was not required to make inquiry into cash deposits. In a recent judgment, ITAT Lucknow has upheld the revisionary order u/s 263 on the ground that mere fact that purchase and sales …
Opening balance or existing Fixed Deposits if free from lien qualifies as accumulation of income under section 11(2) of the Income Tax Act, 1961 In a recent judgment, ITAT Bangalore has held that opening balance or existing Fixed Deposits which is free from any lien constitutes sufficient compliance …
Without establishment sale transaction as long term capital gain, assessee is not entitled for deduction u/s 54F of the Act – ITAT In a recent judgment, ITAT Mumbai has held that without establishment the sale transaction as long term capital gain, he is not entitled for deduction u/s …
Adjustment under Section 50C of the Act is not possible in processing of return under section 143(1) of the Income Tax Act, 1961 – ITAT In a recent judgment, ITAT Guwahati has held that adjustment under Section 50C of the Income Tax Act, 1961 is not possible within …
No Revision u/s 263 can be done on the ground that documents/material not looked into and analyzed by AO not in a particular manner In a recent judgment, ITAT Raipur has held that the exercise of revisional jurisdiction u/s 263 based on a conviction that the documents/material ought …
Entire gross receipts of the Trust not registered u/s 12AA can not be taxed without giving allowance of expenditure incurred. In a recent judgment, ITAT Visakhapatnam in a case where the assessee trust was not registered u/s 12AA and not entitled for the benefit u/s 11 remitted the …
Onus is on assessee to prove and substantiate that he is in retail business, and eligible to claim presumptive of taxation u/s 44AD – ITAT In a recent judgment, ITAT Agra has held that onus is on the assessee to prove and substantiate that the assessee is in …
