Judgement

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.

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

Articles

The Tribunal found that the notice under Section 143(2) was issued after the prescribed time limit and also by an assessing officer who did not have jurisdiction over the assessee.

ITAT Delhi Quashes Rs 1.2 Crore Addition Due to Delayed Tax Notice and Lack of Jurisdiction

News

This order rectifies the income tax demand from Rs 162.97 crore to Rs 34.05 crore (including interest).

Kokuyo Camlin Receives Income Tax Rectification Order, Demand Reduced to Rs 34 Crore

ITAT dismisses the appeal and upholds the penalty for bogus purchases due to failure to provide supporting evidence.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

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

ITAT Delhi Quashes Rs 1.2 Crore Addition Due to Delayed Tax Notice and Lack of Jurisdiction

Kokuyo Camlin Receives Income Tax Rectification Order, Demand Reduced to Rs 34 Crore

ITAT Upholds Penalty for Bogus Purchases Due to Lack of Evidence