Tag: ITAT Agra

The object of a procedure is to advance the cause of justice. Procedural law is not to be tyrant but a servant not an obstruction but an aid to justice – ITAT In a recent judgment, ITAT Agra has held that the object of prescribing procedure is to …

Documentary evidences filed on the day on which assessment order was passed are not additional evidence requiring compliance Rule 46A – ITAT In A recent judgment, ITAT Agra held that documentary evidences filed electronically on the day on which assessment order was passed are not additional evidence requiring …

Addition u/s 69A deleted as assessee was an employee authorized for replenishment of cash in ATM machines and bank wrongly associated his PAN In a recent judgment, ITAT Agra upheld deletion of addition u/s 69A as assessee was an employee authorized for replenishment of cash in ATM machines …

Amendment to section 50C w.e.f. 01.04.2019 was to apply retrospectively w.e.f. 01.04.2003, when the section 50C was brought into statute – ITAT In a recent judgment, ITAT Agra deleted addition made u/s 56(2)(viib) holding that amendment to section 50C brought into the Act by finance Act, 2018 w.e.f. …

When order u/s 263 is quashed, assessment order passed u/s 143(3) r.w.s. 263 has no legs to stand In a recent judgment, ITAT Agra has held that when order u/s 263 of the Act is quashed, assessment order passed u/s 143(3) r.w.s. 263 has no legs to stand …

When assessee offered income on accrual basis over the years, claim of TDS deducted on maturity of bond can not be disallowed – ITAT In a recent judgment, ITAT Agra has held that when assessee had offered interest income on RBI Bonds on accrual basis over the years, …

Omission in mentioning name of lender in the audit report no basis to discard cogent documentary evidence – ITAT In a recent judgment, ITAT Agra has held that any omission in mentioning the name of lender/payee in the tax audit report cannot be made basis to discard assessee’s …

No restriction that Section 87A rebate is not available for short-term capital gains. In a recent judgment, ITAT Agra has held that there is no restriction in Section 111A or section 87A itself that for income determined in the form of short-term capital gains, rebate under Section 87A …

No addition u/s 69A can be made for cash deposit in bank when the alleged bank accounts were duly recorded in the books of accounts of the assessee – ITAT In a recent judgment, ITAT Agra quashed addition made under section 69A for cash deposit in the bank …

AO using the terms “underreporting” and “misreporting as a consequence of underreporting” loosely, showed he was unaware of the different connotations and their implications.  In a recent judgment, ITAT Agra has deleted penalty under section 270A observing that the AO apparently used the terms “underreporting” and “misreporting as …