Category: ITAT

Undated, unsigned and typed loose sheet of paper are dumb document, could not be taken as the sole basis for determination of undisclosed income In a recent judgment, ITAT Amritsar has held that undated, unsigned and typed loose sheet of paper without witness, without any acceptable narration are …

For arriving at accumulated profits for deemed dividend u/s 2(22)(e), depreciation under Income-tax Act is to be deducted – ITAT In a recent judgment, ITAT Chandigarh has held that for arriving at accumulated profits for deemed dividend u/s 2(22)(e), depreciation under Income-tax Act is to be deducted. Also, …

Without enquiring when the order was actually served, dismissing the appeal for inordinate delay was not justified – ITAT In a recent judgment, ITAT Lucknow has held that without enquiring into, when assessee was actually served with the order, dismissing the appeal for inordinate delay was not justified. …

Contingent liabilities not debited to profit and loss account cannot be added merely on the basis of disclosure in the tax audit report – ITAT  In a recent judgment, ITAT Ahmedabad deleted adjustment made by CPC u/s 143(1)(a) holding that contingent liabilities which are not debited to the …

Penalty u/s 271B can not be levied in a case where tax audit report was furnished before completion of the assessment In a recent judgment, ITAT Cochin has held that penalty u/s 271B can not be levied for non furnishing of tax audit report within due date as …

ITAT deleted addition for cash deposit on account of the statement given by the Prime Minister, press statement and CBDT SOP In a recent judgment, ITAT Chennai has held that addition u/s 69A cannot be sustained on account of the statement given by the Prime Minister, press statement …

ITAT allowed exemption u/s 54EC for delayed investment in REC Bonds as the sale consideration was received late.  In a recent judgment, ITAT Pune allowed exemption under section 54EC for delayed investment in REC Bonds as the receipt of sale consideration was not in the control of the …

Declaring surrendered income in PL Account as “Indirect Income” and reflected it in closing stock does not indicate any tax evasion. In a recent judgment, the Chandigarh ITAT has held that declaring surrendered income in PL Account as “Indirect Income” and enhancing closing stock does not indicate any …

Notice of demand being part of assessment order is rectifiable u/s 154 of the Act for any apparent errors – ITAT In a recent judgment, the Patna ITAT has held that notice of demand is very much part of the assessment order and in case an error comes …

ITAT remits case to examine claim of exemption u/s 10(26) for assessee being a Scheduled Tribe and residing in Meghalaya In a recent judgment, ITAT Guwahati set aside the order of the CIT(A) and remitted the case for examination of claim of exemption u/s 10(26) of the Income …