ITAT Directs CIT(A) to Condone Delay and Hear Appeal on Merits; Sets Aside Quantum and Penalty Orders The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) allowed three appeals filed by Kanubhai Laxmanbhai Rabari for statistical purposes and directed the Commissioner of Income Tax (Appeals) [CIT(A)] to condone the delay in filing the appeals…
Delhi ITAT: Recovery of earlier advances cannot automatically be treated as unexplained income The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) on 14 May held that money received back by an assessee against earlier advances cannot be treated as unexplained cash credit under Section 68 of the Income-tax Act, 1961. A Bench comprising…
No Nexus, No Reopening: ITAT Sets Aside Assessment The assessee is an individual who made a declaration of income in his return for AY 2014-15, which was assessed under section 143(1). After that, the assessing officer opened an assessment of the assessee under section 147, taking notice of certain additions made in remand proceedings for…
ITAT Grants Relief in Reassessment Based on Third-Party Inputs In Major Suresh Yadav v. Income Tax Officer, the assessee, engaged in cable TV operations under the name M/s World Vision India, was subjected to reassessment for AY 2001–02 based on information from the Entertainment Tax Department alleging around 28,000 subscribers against the declared 2,000 connections….
Income Tax Reopening Based on External Input Set Aside; SC Refuses Interference In this case, the High Court addressed the validity of reopening tax assessments based on external “departmental information” that contradicts a taxpayer’s documented financial records. The dispute began when the Revenue Department issued a reassessment notice under Section 148 for the 2019–20 assessment…
HC Strikes Down Reassessment Based on Lack of Bank Clarification The petitioner challenged the reopening of assessment for AY 2018-19 initiated through notice under Section 148, along with the order passed under Section 148A(d) of the Income Tax Act. The reassessment was triggered on the basis of certain cash transactions reflected in the petitioner’s bank…
HC Upholds Deletion of Rs. 5.04 Cr Bogus Purchase Addition Lacking Evidence The assessee filed return for AY 2012–13 declaring income of Rs. 9.90 lakh, which was initially assessed under Section 143(3). Subsequently, based on information from the Investigation Wing alleging transactions with M/s Keshav Impex (an alleged accommodation entry provider), the assessment was reopened…
High Court Quashes Reassessment Notice Based on Same Bank Deposits Already Examined Earlier M/s. Sanjay Kumar Bijay Kumar, a partnership firm engaged in the wholesale and retail trade of cattle feed and building materials, challenged reassessment proceedings initiated for AY 2019-20. The firm held two PANs but had consistently filed its income tax returns using…
ITAT Deletes Rs. 14.74 Lakh Section 69 Addition and Alleged On-Money in Flat Purchase Case Smt. Mithlesh Amarnath Maurya did not file her return for A.Y. 2013-14. Reassessment under section 147 was initiated based on search-related information in the case of M/s Bhagwati Developers group alleging on-money in property transactions. The Assessing Officer alleged that…
ITAT Restricts Stock Addition to Rs. 19.46 Lakh; Survey Working Found Inflated The assessee, a jeweller trading as Sharada Jewellers, was subjected to survey on 02.08.2017. During the survey, physical stock of gold and silver jewellery was inventorised and compared with the book stock computed on provisional figures, as the return for AY 2017-18 had…
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