Tag: Guwahati ITAT

Once loans were repaid in subsequent assessment years with cogent evidences then the addition u/s 68 of the Income Tax Act cannot be made – ITAT Guwahati In a recent judgment, ITAT Guwahati has held that once the assessee has established that loans were repaid in the subsequent …

Addition u/s 68 deleted as there was no cash trail, rotation of funds, or incriminating evidences, no enquiry conducted into records furnished by assessee In a recent judgment, ITAT Guwahati has deleted addition of unexplained cash credit u/s 68 as there was no cash trail, rotation of funds, …

Notice u/s 143(2) without specifying whether it is a limited scrutiny or a complete scrutiny or a compulsory manual scrutiny held void – ITAT In a recent judgment, ITAT Guwahati has held that income tax notice u/s 143(2) without specifying whether it is a limited scrutiny or a …

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 …

Order passed by NFAC quashed as section 151A of e-assessment of income escaping assessment scheme 2022 had not commenced at the time of issuance of notice In A recent judgment, ITAT Guwahati quashed order passed by NFAC as the provisions of Section 151A had not come into operation …

Provisions of Section 41(1) not applicable to liabilities written back which were incurred in respect of capital assets and were capitalized In a recent judgment, ITAT Guwahati has held that when expenses liabilities written off were incurred in respect of capital assets and were capitalized, the provisions of …

ITAT upheld deletion of disallowance u/s 40A(3) where the nature of business remained the same and the patterns of cash withdrawals were also similar all through the years. In a recent judgment, ITAT Guwahati affirms deletion of disallowance u/s 40A(3) in respect of cash purchase where the nature …

ITAT deleted addition for cash deposited in bank account where return of income was filed u/s 44AD of the Income Tax Act In a recent judgment, ITAT Guwahati deleted addition u/s 69A on account of cash deposited in bank account out of sales, of which return of income …

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 …

Real vs. Notional Income has considerable judicial precedents in terms of directing assessment of only real income and not any notional one – ITAT In a recent judgment, Guwahati ITAT deleted addition made by AO for notional interest income on interest free advances by observing that concept of …