Category: ITAT
Once the AO has accepted the trading results, he cannot thereafter selectively treat a part of the sale proceeds as unexplained – ITAT In a recent judgment, ITAT Visakhapatnam has held that once the AO has accepted the trading results, he cannot thereafter selectively treat a part of …
Assessment framed u/s 144 by issue of notice u/s 142(1) was void as time limit for filing ITR u/s 139(4) was over and it was a case of income escaping assessment In a recent judgment, ITAT Agra held that and assessment framed u/s 144 based on notice u/s …
Assessee could not said to indulged in penny stock sale on human probabilities without showing his involvement – ITAT deleted addition under section 68 In a recent judgment ITAT Delhi deleted addition observing that applied the concept of Human probabilities and held the above said scrips to be …
Penalty u/s 271D deleted as the amount of cash deposited in assess’s bank belonged to his father who was an agriculturist, not having any operating bank account. In a recent judgment, ITAT Chandigarh has deleted penalty under section 271D as the amount of cash deposited in assessee’s bank …
Tax Authorities should charge legitimate taxes from the taxpayers instead of punishing the assessees for their bonafide mistakes – ITAT In a recent judgment, ITAT Chandigarh has deleted addition made by the AO criticised him of miserably failing to perform his duties and in assessing the true and …
Assessee can challenge the validity of any order in the collateral proceedings though the same has not been challenged before the appellate authority – ITAT In a recent judgment, ITAT Guwahati has held that assessee can challenge the validity of any order in the collateral proceedings though the …
Stamp duty valuation or classification for fiscal purposes does not determine the character of the property under the Income-tax Act – ITAT In a recent judgment, ITAT Ahmedabad has quashed addition holding that held that stamp duty valuation or classification for fiscal purposes does not determine the character …
Difference of cash deposit between two Assessment Years cannot be added on illogical rationale that there cannot be any increase in cash deposit between two years – ITAT In a recent judgment, ITAT Chennai has held that difference of cash deposit between two Assessment Years cannot be added. …
Reassessment order quashed as reasons to believe stated that return was processed only u/s 143(1) whereas return was actually processed under Section 143(3) In a recent judgment, ITAT Ahmedabad has upheld quashing of reassessment order on account of non application of mind as reasons recorded stated that return …
ITAT quashed reassessment as notice u/s 148 was issued even prior to the due communication of approval u/s 151 to the Assessing Officer. In a recent judgment, ITAT Kolkata has quashed reopening of assessment as nullity and invalid in the eyes of law when the notice issued u/s …
