Category: ITAT

Agriculture income cannot be worked out on the basis of sale bills, purchases of pesticides etc., but on the basis of landholding, crops grown and expected yield – ITAT In a recent judgment, ITAT Chandigarh has held that the agriculture income cannot be worked out on the basis …

Addition u/s 69A deleted as there was no difference in the quantity of jewellery found during search and jewellery declared in the wealth tax return. In a recent judgment, ITAT Hyderabad deleted addition u/s 69A as Assessing Officer (AO) made addition only on the basis of value of …

It is incumbent upon AO to give full credit of TDS as per Form 26AS though full TDS could not be filled in the return of income – ITAT In a recent judgment, ITAT Lucknow has upheld the direction of the CIT(A) to AO to give full credit …

Penalty u/s 271DA deleted for receiving cash above Rs. 2 lakhs from farmers against sale of tractors.  In a recent judgment, the ITAT Delhi has deleted penalty u/s 271DA holding that the assessee had bona fide reasons to receive cash over and above Rs. 2 lakhs from the …

Penalty u/s 271E deleted for repayment in cash unsecured loan taken from founder director to meet expenses when bona-fide of transaction was not disputed. In a recent judgment, the ITAT Rajkot has deleted penalty u/s 271E of the Income Tax Act, 1961 (the Act) because due to bank …

Penalty u/s 272A(1)(d) deleted. Though law is equal to all, its implementation should not be in a way to take undue advantage of the inability of the assessee – ITAT  In a recent judgment, the ITAT Mumbai has deleted penalty u/s 272A(1)(d) of the Income Tax Act, 1961 …

A common and consolidated approval u/s 153D for all assessment years in complex matters of search showed non application of mind – ITAT In a recent judgment, the ITAT Delhi has held that a common approval u/s 153D for all assessment years in complex matters of search without …

Observation of CIT(A) that AO is empowered to reopen the assessment u/s 147/148 can not be said to be illegal – ITAT In a recent judgment, the ITAT Delhi has held that observation of CIT(A) that Assessing Officer (AO) is empowered to reopen the assessment under section 147/148 …

Best judgement assessment u/s 144 cannot under any means be held to be erroneous u/s 263 for lack of enquiry- ITAT In a recent judgment, the ITAT Nagpur has held that best judgement assessment under section 144 of the Act, cannot under any means be held to be …

Claim of exemption u/s 10(26) for Tribal Person remanded when by ignorance PAN was wrongly applied in the name of Partnership Firm.  In a recent judgment, ITAT Guwahati remitted the issue claim for exemption u/s 10(26) for Tribal Person when by ignorance PAN was wrongly applied in the …