ITAT Remands Section 270A Penalty Dispute, Critises CIT(A) for Not Adopting Liberal Approach to Condone 144-Day Delay The ITAT Hyderabad held that the CIT(A) should have adopted a liberal approach and condoned the 144-day delay in filing the appeal by the NRI assessee. It set aside the CIT(A)’s order and remanded the penalty proceedings under…
Flat Buyer Purchased Pune Apartment for Rs. 1.26 Crore, Faced Tax on Rs. 5.55 Lakh Stamp Duty Difference; ITAT Deletes Addition as Variation Was Within 10% Limit The ITAT Pune has granted significant relief to taxpayer Alok Gangadharrao Galge by deleting an addition of Rs 5.55 lakh made by the tax authorities under Section 56(2)(vii)(b)…
No Fair Hearing? ITAT Restores Taxpayer’s Appeal After Notices Sent to Temporary Email ID The ITAT Surat granted taxpayer Yatin Vinubhai Dudhat a second opportunity by remanding the case back to the AO for fresh consideration, noting the assessee could not properly present his case, neither before the CIT(A) nor before the tax authorities. The…
Civil Contractor Faced Rs. 1.51 Crore Addition After AO Applied 10% Profit Rate on Rs. 26.94 Crore Receipts; ITAT Orders Fresh Examination and 8% Profit Estimation The ITAT Bangalore has provided relief to taxpayer Sri Yenubothula Venkat Ramana, a civil contractor from Mysore, by sending his case back to the Assessing Officer (AO) for fresh…
Taxpayer Entitled To Indexed Cost Of Improvement Even Under Section 50C Capital Gains Computation, Holds ITAT The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has granted relief to taxpayer Dilip Kumar Gupta by holding that an assessee can claim the indexed cost of improvement while computing capital gains under Section 50C of the…
ITAT Quashes Rs 2.93 Crore Income Tax Addition Arising from GST Return and Book-Purchase Difference The ITAT Hyderabad allowed the PVV Infra Limited’s appeal for statistical purposes by deleting the Rs 2.93 crore addition made on the grounds of the difference in purchases between the books of account of the assessee and the GST returns…
Mumbai Investor Hit With Section 69A Addition Over Alleged Penny Stock Gains; ITAT Sends Case Back for Reconsideration The ITAT Mumbai found it fair to grant the taxpayer another chance in the unexplained share transactions dispute. The matter is sent back to the lower appellate authority [CIT(A)] for fresh consideration. The assessee, Dhiresh Shashikant Gosalia,…
Income Tax Dept May Send You Notices for These Common Mistakes Taxpayers need to be more cautioned while filing their income tax returns (ITRs) this year, as the Income Tax Department is sending bulk automated intimations, alerts, scrutiny notices, and emails to taxpayers where discrepancies have been found in their Annual Information Statement (AIS), Taxpayer…
ITAT: Late ITR Filing Bars Rs 83.89 Lakh Section 80P Deduction Despite Return Filed Under Section 148 The ITAT Bangalore has quashed an appeal filed by M/s. Kassia Credit Co-operative Society Limited, holding that it is not eligible to claim a deduction under Section 80P of the Income Tax Act because it failed to file…
ITAT Accepts NRI Husband’s Funding for Property Purchase: Deletes Rs. 80.10 Lakh Income Tax Addition The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has granted major relief to taxpayer Sanobar Ajaz Ahmed Saudagar by deleting an addition of Rs 80.10 lakh made by the Income Tax Department under Section 69 of the Income…
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