Judgement

The ITAT granted partial relief to Co-Op Bank by invalidating Section 154 rectification on a debatable STCG set-off issue and allowing deduction of bad debts written off in the normal course of banking business.

Taxpayer not required to prove irrecoverability for claiming bad debts written off from books: ITAT

The tribunal held that there was no misreporting or underreporting of income, and in such a case, the penalty under section 270A of the Act cannot be levied.

ITAT: Section 270A Penalty Cannot be Levied If AO Fails to Specify Misreporting Clause

ITAT held that no penalty can be imposed under Section 271(1)(c) when the issue is legally debatable.

Section 271(1)(c) Penalty Unsustainable When Matter Is Legally Arguable: ITAT

ITAT condoned a 121-day delay as unintentional and remanded the case for fresh consideration, emphasising the principles of natural justice and fair hearing.

Delay Not Deliberate: ITAT Condones 121-Day Delay, Restores Appeal for Fresh Hearing

The ITAT deleted a Section 69A addition after accepting that the assessee’s bank account was misused by a travel agent and the deposits were not his unexplained income.

Student’s Details Misused by Travel Agent: ITAT Quashes Unexplained Income Addition

Citing the principles of natural justice, the Tribunal restored the case to the Assessing Officer for fresh review, directing that a proper opportunity must be given to the assessee.

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Taxpayer not required to prove irrecoverability for claiming bad debts written off from books: ITAT

ITAT: Section 270A Penalty Cannot be Levied If AO Fails to Specify Misreporting Clause

Section 271(1)(c) Penalty Unsustainable When Matter Is Legally Arguable: ITAT

Delay Not Deliberate: ITAT Condones 121-Day Delay, Restores Appeal for Fresh Hearing

Student’s Details Misused by Travel Agent: ITAT Quashes Unexplained Income Addition

ITAT Condones 705-Days Delay and Restores Matter As Notices Sent to Former Consultant's Email