Category: ITAT

ITAT deleted penalty u/s 271AAB as show cause notice did not specify limb of penalty applicable to the assessee. In a recent judgment, ITAT Chandigarh has deleted penalty under section 271AAB as the show cause notice issued did not specify applicable limb of penalty. ABCAUS Case Law Citation:4703 …

Once it is established that assessee has not maintained the books of account, same can not be audited – ITAT In a recent judgment, ITAT Jaipur quashed the levy of penalty u/s 271B for failure to get accounts audited u/s 44AB holding that once it is established that …

When assessee had already repaid unsecured loans along with the interest no addition can be made under Section 68 treating them accommodation entries. In a recent judgment, ITAT Jaipur held that where assessee had already repaid unsecured loans along with the interest no addition can be made under …

Addition made by CPC as per Clause 16(b) of Tax Audit Report deleted as it was not stated in the report that it was income of the assessee In a recent judgment, ITAT Delhi has deleted addition made by CPC on the basis of disclosure in Clause 16(b) …

There is no bar to a taxpayer for making a claim by a letter without filing a revised return in a case u/s 143(3) of the Act – ITAT In a recent judgment, ITAT Rajkot has held that there is no bar to a taxpayer for making a …

ITAT deleted penalty u/s 270A for non specification as to whether assessee misreported the income or under reported In a recent judgment, ITAT Jaipur has deleted penalty u/s 270A for non specification as to whether assessee misreported the income or under reported. It was also held that when …

ITAT upheld claim of deduction on account of embezzlement of funds unearthed during the relevant assessment year In a recent judgment, ITAT Mumbai has upheld claim of deduction on account of embezzlement of funds unearthed during assessment year following the ratio laid down by the Hon’ble Supreme Court …

ITAT deleted addition on account of employer contribution to LIC for purchasing an annuity policy for assessee-payable in future In a recent judgment, ITAT Ahmedabad held that merely because the employer chose to contribute to LIC to effect an annuity for the future benefit of the employee, the …

Assessee who inadvertently opted out of new tax regime eligible for deductions under chapter VIA though not claimed in the return of income – ITAT In a recent judgment, ITAT Chennai has held that assessee,who inadvertently opted out of new tax regime, was eligible for deductions under chapter …

There is no reason to doubt that conditions of Explanations to section 43(5) fulfilled when statement of account from brokers certifying derivative trades submitted In a recent judgment, ITAT Allahabad has held that ideally, the assessee should submit the time stamped contract notes but considering that the time …