Judgement

The Bombay High Court rules the penalty unsustainable where the claim was bona fide, based on prevailing law, and no incremental assessed income existed over Section 143(1) intimation.

HC Quashes Penalty u/s 270A; Holds No “Under-Reporting” Where Addition Already Made in Intimation

HC Quashes Penalty u/s 270A where claim was based on binding jurisdictional precedent at time of ITR filing

The tribunal observed that the AO's addition was based on assumptions and found it unjustified. Therefore, the addition was deleted.

ITAT deletes Income Tax Addition on Cash deposited from sales during demonetization

News

Matrimony.com received GST penalty orders from Tamil Nadu, Karnataka, Kerala, and Maharashtra for alleged ineligible ITC claims and excess distribution; it filed appeals and initiated legal action to contest them.

Matrimony.com Faces GST Penalty Orders Across Four States; Files Legal Appeal

The ITAT Ahmedabad decided in favour of Hiralben Jineshbhai Bavisi, holding that cash deposits in her bank account constituted business receipts and not unexplained income, deleting the prior addition.

Unexplained Cash Deposits: ITAT Ahmedabad Grants Relief to Small Homemade Food Business

The tribunal also cited Section 11(3) of the Income Tax Act, which clarifies that if accumulated funds are not used within 5 years, they become taxable.

ITAT: Accumulated Income Not Used Within 5 Years Becomes Taxable

ITAT held that reassessment based on general information without independent verification is invalid and deleted all additions in a penny stock case due to lack of evidence.

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HC Quashes Penalty u/s 270A where claim was based on binding jurisdictional precedent at time of ITR filing

ITAT deletes Income Tax Addition on Cash deposited from sales during demonetization

Matrimony.com Faces GST Penalty Orders Across Four States; Files Legal Appeal

Unexplained Cash Deposits: ITAT Ahmedabad Grants Relief to Small Homemade Food Business

ITAT: Accumulated Income Not Used Within 5 Years Becomes Taxable

ITAT Quashes Reassessment Based on ‘Borrowed Satisfaction’, Grants Relief in Rs 1.59 Crore Penny Stock Case