Judgement

ITAT held that once an NCLT-approved resolution plan is in force under the IBC, income-tax proceedings cannot continue.

Once Insolvency Plan Is Approved, Income Tax Proceedings Cannot Continue: ITAT

ITAT reduces the demonetisation cash addition from Rs. 2.26 crore to Rs. 2 lakh and held that normal tax provisions, not section 115BBE, apply for AY 2017-18.

ITAT Reduces Demonetisation Cash Addition from Rs. 2.26 Crore to Rs. 2 Lakh; Section 115BBE Ruled Out

ITAT upheld the Section 11 exemption, holding that the delay in filing Form 10B is only a procedural lapse when the audit report is submitted before assessment completion.

ITAT Clarifies Form 10B Filing Is Directory, Not Mandatory for Section 11 Exemption; Favours Assessee

Since the reason was genuine and unintentional, the tribunal quashed the CIT(A)'s order.

ITAT Sets Aside Penalty Levied for Non-Compliance with Notices

ITAT deleted Rs.1.08 crore cash deposit addition after holding that an assessment framed as an AOP cannot stand when reopening was initiated in the name of an individual.

ITAT Holds Reassessment Invalid for Changing Status from Individual to AOP; Quashes Rs. 1.08 Crore Addition

Penalties under Sections 270A and 271AAC cannot survive independently when the underlying reassessment itself has been remanded to the AO

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Once Insolvency Plan Is Approved, Income Tax Proceedings Cannot Continue: ITAT

ITAT Reduces Demonetisation Cash Addition from Rs. 2.26 Crore to Rs. 2 Lakh; Section 115BBE Ruled Out

ITAT Clarifies Form 10B Filing Is Directory, Not Mandatory for Section 11 Exemption; Favours Assessee

ITAT Sets Aside Penalty Levied for Non-Compliance with Notices

ITAT Holds Reassessment Invalid for Changing Status from Individual to AOP; Quashes Rs. 1.08 Crore Addition

ITAT Sends Back Penalty Proceedings After Quantum Assessment Is Set Aside