Judgement

The ITAT Chennai held mere observation that penalty 'Will be Initiated Separately' does not constitute valid satisfaction under Section 271(1)(c)


ITAT Quashes Penalty as AO Failed to Validly Initiate Proceedings During Assessment

ITAT Chennai deleted a Rs 76.98 lakh tax addition after finding that the alleged 46.29-carat diamond stock shortage arose from an incorrect stock reconciliation by the AO.

ITAT Deletes Rs 76.98 Lakh Tax Addition Over Alleged Diamond Stock Shortage

The ITAT Chennai held that additions under the Income Tax Act cannot be sustained solely on the basis of entries found in electronic records or books maintained by a third party.

ITAT Holds Entries in Third-Party Electronic Records Cannot by Themselves Establish Undisclosed Income 

The ITAT Chennai has deleted a penalty of Rs 1.50 lakh imposed under Section 271B of the Income Tax Act on Tamil Sports & Recreation Club for failure to obtain a tax audit report. 

ITAT Rules Mutuality Based Club's Liquor Supply to Members Cannot Automatically Trigger Tax Audit Penalty

The ITAT Chennai allowed deductions after finding staff vouchers and rent records sufficiently established business expenditure.

ITAT Deletes Additions Towards Bhatta and Rent Expenses Backed by Supporting Evidence..

ITAT Deletes Additions Towards Bhatta and Rent Expenses Backed by Supporting Evidence

The ITAT Chennai has remanded the issue concerning the validity of reassessment notices issued by the AO under Sections 148A and 148 for fresh adjudication. 


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ITAT Quashes Penalty as AO Failed to Validly Initiate Proceedings During Assessment

ITAT Deletes Rs 76.98 Lakh Tax Addition Over Alleged Diamond Stock Shortage

ITAT Holds Entries in Third-Party Electronic Records Cannot by Themselves Establish Undisclosed Income

ITAT Rules Mutuality Based Club's Liquor Supply to Members Cannot Automatically Trigger Tax Audit Penalty

ITAT Deletes Additions Towards Bhatta and Rent Expenses Backed by Supporting Evidence

ITAT Remands Reassessment Validity Issue to CIT(A) for Fresh Adjudication After Finance Act 2026 Developments