ITAT Accepts Delay Due to Death of Person Handling Accounts, Restores Matter for Reconsideration The Income Tax Appellate Tribunal (ITAT), Ahmedabad, has provided relief to a company by condoning huge delays that happened due to the death of the person handling the accounts for the assessee trust. The assessee, Gujarat Sales Tax Bar Association, a…
Taxpayer not required to prove irrecoverability for claiming bad debts written off from books: ITAT The Income Tax Appellate Tribunal (ITAT), Ahmedabad, granted significant relief to the company in key issues such as taxation of gains on the sale of assets, applicability of rectification under Section 154, and allowability of bad debts. The assessee, Madhavpura…
Additions Based on Third-Party Statements Not Sustainable: ITAT The ITAT Ahmedabad allowed the assessee’s appeal, holding the reassessment invalid for lack of proper procedure and nexus, and deleted the Rs 94.50 lakh additions as unsustainable in law and on facts. The present appeal has been filed by Crystal Quinone Private Limited against DCIT, challenging the…
Student’s Details Misused by Travel Agent: ITAT Quashes Unexplained Income Addition The ITAT Ahmedabad deletes the Rs 12.11 lakh addition made on the assessee’s income on the grounds of unexplained deposits of about 10 lakh made during the assessment year 2011-12 in the bank account with Dena Bank. The tribunal notes that the assessee’s details…
ITAT Deletes Penalty on Survey Income Declared and Accepted in Return The assessee, M/s Radhika Jewellers, a partnership firm engaged in the manufacturing and trading of jewellery, was subjected to survey proceedings under Section 133A. During the survey, the assessee admitted unaccounted income of Rs. 2.01 crore on account of excess stock and cash. This…
ITAT Quashes Reassessment Based on ‘Borrowed Satisfaction’, Grants Relief in Rs 1.59 Crore Penny Stock Case The ITAT Ahmedabad held that an assessment reopening based on general information rather than independent verification is unjustified and invalid as per the law. The tribunal allowed Bhupesh Sajjansinh Rathod’s appeal by setting aside the additions made by the…
ITAT Deletes Penalty in Education Cess Dispute; Says Retrospective Amendment Not Grounds for Penalty The Income Tax Appellate Tribunal (ITAT), Ahmedabad, in a recent ruling, has deleted the penalty of Rs 3.69 lakh imposed on the grounds of under-reporting of income in the ITR and allowed the taxpayer’s appeal. Shree Swati Texdyes Private Limited had…
ITAT imposes Cost on Taxpayer for Non-Cooperation during Income Tax Proceedings The ITAT set aside the ex parte orders and granted the assessee another opportunity, subject to payment of Rs 10,000 costs. The present appeal has been filed by Dharmeshkumar Ishwarbhai Patel against the ITO, challenging the ex parte order dated 05.09.2024 passed by the…
ITAT Deletes Rs 1.61 Crore Penalty, Says Incorrect but Disclosed Claim Not ‘Inaccurate Particulars’ The ITAT upheld deletion of a Rs 1.61 crore penalty on the company, ruling that fully disclosed but incorrect claims do not constitute inaccurate particulars, relying on the Supreme Court‘s judgement in the case titled CIT v. Reliance Petroproducts Pvt. Ltd….
ITAT Ahmedabad Quashes Rs. 90 Lakh Tax Addition for Misidentified Bank Account ITAT Ahmedabad quashed a Rs. 90 lakh tax addition against the taxpayer, ruling that the tax authorities erred by misidentifying a bank account. The tribunal accepted the bank certificate, dismissed the addition, and sent the case back for fresh consideration. ITAT Ahmedabad has…
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