Clipped from: https://taxguru.in/income-tax/addition-u-s-68-bogus-ltcg-untenable-due-lack-adequate-evidence.html Sheela Ashok Bafna Vs ITO (ITAT Mumbai) ITAT Mumbai held that disallowance of claim of exemption u/s. 10(38) on alleged bogus LTCG untenable
Category: Income Tax
*******Addition u/s. 68 not sustained as initial onus of proving identity, creditworthiness and genuineness discharged
Clipped from: https://taxguru.in/income-tax/addition-u-s-68-sustained-initial-onus-proving-identity-creditworthiness-genuineness-discharged.html ACIT Vs Jay Bharat Mehta (ITAT Mumbai) ITAT Mumbai held that addition towards section 68 of the Income Tax Act deleted as assessee
*******Furnishing Reasons at Fag End & Hasty Reassessment Proceedings Unconstitutional: Bombay HC
Clipped from: https://taxguru.in/corporate-law/furnishing-reasons-fag-hasty-reassessment-proceedings-unconstitutional-bombay-hc.html Jayant Avinash Dave Vs ACIT (Bombay High Court) The Bombay High Court ruled in favor of petitioner Jayant Avinash Dave, quashing the reopening
*******Section 54F Exemption Allowed Despite Wife’s Name on Property Title; ITAT Deletes Addition of ₹168.55 crore unexplained cash credit
Clipped from: https://taxguru.in/income-tax/section-54f-exemption-allowed-wifes-property-title-itat-deletes-addition-rs-168-55-crore-unexplained-cash-credit.html ACIT Vs Jay Bharat Mehta (ITAT Mumbai) Section 54F Exemption Allowed Despite Wife’s Name on Property Title In this case, the Assessee claimed
*******ITAT Sets Aside NFAC Order for Non-Consideration of Material, Directs De Novo Adjudication
Clipped from: https://taxguru.in/income-tax/itat-sets-nfac-order-non-consideration-material-directs-de-novo-adjudication.html Mahadevan Vs ITO (ITAT Chennai) The case of Mahadevan Vs ITO (ITAT Chennai) pertains to an appeal against an order by the Commissioner of Income
आवश्यक*******Addition due to assessee’s failure to provide documents: ITAT Remands case
Clipped from: https://taxguru.in/income-tax/addition-due-assessees-failure-provide-documents-itat-remands-case.html Germinda Pvt. Ltd. Vs ITO (ITAT Kolkata) The case of Germinda Pvt. Ltd. Vs ITO pertains to the assessment year 2012-13, challenging the addition of
*******ITAT Remands Appeal to CIT(A) for Fresh Adjudication Due to Failure to Address Merits
Clipped from: https://taxguru.in/income-tax/itat-remands-appeal-cit-appeal-fresh-adjudication-due-failure-address-merits.html Selvalakshmi Feeds & Farms Vs ITO (ITAT Chennai) The case of Selvalakshmi Feeds & Farms Vs ITO involved an appeal against the ex parte order
*******No proper opportunity before AO: ITAT remanded back the matter
Clipped from: https://taxguru.in/income-tax/proper-opportunity-ao-itat-remanded-matter.html Virtiben Preyashkumar Shah Vs ITO (ITAT Ahmedabad) Assessment was completed at income of Rs.1,23,18,612/- against the returned income of Rs.3,76,740/- on account of
आवश्यक*******No addition for LTCG as property transfer u/s 2(47) required verification of buyer possession and receipt of consideration
Clipped from: https://taxguru.in/income-tax/addition-ltcg-property-transfer-u-s-2-47-required-verification-buyer-possession-receipt-consideration.html Sachin Ramesh Pawar Vs ITO (ITAT Pune) Conclusion: Since assessee’s claims regarding possession and consideration were supported by documents that were not presented before
आवश्यक*******Assessment Ignoring Indexed Cost of Acquisition Set Aside: Karnataka HC
Clipped from: https://taxguru.in/income-tax/assessment-ignoring-indexed-cost-acquisition-set-aside-karnataka-hc.html Devanur Thimmasetty Srinivasa Vs ITO (Karnataka High Court) Assessment order taking entirety of the sale consideration without taking note of the indexed cost
आवश्यक*******No addition for LTCG as property transfer u/s 2(47) required verification of buyer possession and receipt of consideration
Clipped from: https://taxguru.in/income-tax/addition-ltcg-property-transfer-u-s-2-47-required-verification-buyer-possession-receipt-consideration.html Sachin Ramesh Pawar Vs ITO (ITAT Pune) Conclusion: Since assessee’s claims regarding possession and consideration were supported by documents that were not presented before
*******ITAT Restores Ex Parte Assessment Order U/s.144 Due to Assessee’s Old Age
Clipped from: https://taxguru.in/income-tax/itat-restores-parte-assessment-order-section-144-due-assessees-age.html Vinod Kumar Garg Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi addressed the appeal filed by Vinod Kumar Garg concerning the
*******S.159 applies when reassessment notice was issued during lifetime of deceased assessee
Clipped from: https://taxguru.in/income-tax/s-159-applies-reassessment-notice-issued-lifetime-deceased-assessee.html Late Sh. Lal Chand Verma Vs Union of India & Anr. (Delhi High Court) Conclusion: Sine qua non for acquiring jurisdiction to reopen an
*****ITAT Directs Fresh Hearing on Unexplained Demonetization Cash Deposits Matter due to Notices Sent to Inactive Email ID
Clipped from: https://www.taxscan.in/notices-sent-to-inactive-email-id-itat-directs-fresh-hearing-on-unexplained-demonetization-cash-deposits-matter/479305/ The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed a fresh hearing in a case involving unexplained cash deposits during the
*****Delhi HC Remands GST SCN Over Lack of Reasoning and Application of Mind
Clipped from: https://www.taxscan.in/lack-of-reasoning-non-consideration-of-reply-and-non-application-of-mind-delhi-hc-remands-gst-scn/479080/ The Court observed that the impugned Order has been passed by the Tax Officer in a cryptic and templated manner By Avinash Kurungot – On January
आवश्यक*******Notice issued u/s. 148 after period of six years for AY 2015-16 is barred by limitation: ITAT Mumbai
lipped from: https://taxguru.in/income-tax/notice-issued-u-s148-period-years-ay-2015-16-barred-limitation-itat-mumbai.html ACIT Vs Manish Financial (ITAT Mumbai) ITAT Mumbai held that validity of notice issued under section 148 of the Income Tax Act for
*******Non-Response To Notices: ITAT Reduces Penalty Citing Assessee’s Depression & Losses
Clipped from: https://taxguru.in/income-tax/non-response-notices-itat-reduces-penalty-citing-assessees-depression-losses.html Jayasakthi Knit Wear Vs ITO (ITAT Chennai) In the case of Jayasakthi Knit Wear Vs ITO, the Income Tax Appellate Tribunal (ITAT) Chennai addressed
*******Apppellate authorities must decide cases on merits, even in ex parte Cases: Patna HC
Clipped from: https://taxguru.in/goods-and-service-tax/apppellate-authorities-decide-cases-merits-ex-parte-cases-patna-hc.html Silverline Vs State of Bihar (Patna High Court) In the case of Silverline vs State of Bihar, the Patna High Court examined the dismissal
*******ITAT Remands Case for Fresh Adjudication After CIT(A) Denies Fair Hearing
Clipped from: https://taxguru.in/income-tax/itat-remands-case-fresh-adjudication-cita-denies-fair-hearing.html Kamlesh Babalal Shah Vs ACIT (ITAT Ahmedabad) In the case of Kamlesh Babalal Shah Vs. ACIT, the ITAT Ahmedabad reviewed an appeal challenging the
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