Judgement

The Tribunal also cited various judgements, including the decision of the Hon'ble Apex Court in the case of Pr. CIT v. Shapoorji Pallonji and Co. Ltd.[2022] 141 taxmann.com 509/288 Taxman 661, which held that the assessing officer could not make any addition just based on suspicion

Assessing Officer Cannot Make Addition u/s 68 Based Solely on Suspicion: ITAT

The ITAT upheld the tax department’s view that the assessee’s penny stock gains were bogus and confirmed the addition as unexplained income.

ITAT Confirms Rs. 1.88 Crore Addition for Fake Penny Stock Gains; Appeal Dismissed

The ITAT, Ahmedabad, has recently upheld the decision of the Principal Commissioner of Income Tax (PCIT) to revise the assessment order in a Foreign exchange loss claim case.

ITAT Upholds PCIT's Revision in Foreign Exchange Loss Claim Case

Court reaffirms that bulk approvals without application of mind breach legislative intent; no substantial question of law arises under Section 260A

Delhi HC: Mechanical Bulk Approvals Under Section 153D Invalid; ITAT Order Upheld

The ITAT Ahmedabad, gave relief to an appellant by deleting a penalty under Section 270A(9) of the Income Tax Act, which was levied by the Assessing Officer and the same was upheld by the CIT(A).

ITAT Condones Delay and Deletes Penalty Levied Under Section 270A(9) of Income Tax Act

The ITAT Ahmedabad observed a consistent pattern of unaccounted donations and salary recoveries, upholding the Revenue’s appeal in part.

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Assessing Officer Cannot Make Addition u/s 68 Based Solely on Suspicion: ITAT

ITAT Confirms Rs. 1.88 Crore Addition for Fake Penny Stock Gains; Appeal Dismissed

ITAT Upholds PCIT's Revision in Foreign Exchange Loss Claim Case

Delhi HC: Mechanical Bulk Approvals Under Section 153D Invalid; ITAT Order Upheld

ITAT Condones Delay and Deletes Penalty Levied Under Section 270A(9) of Income Tax Act

ITAT Ahmedabad Partly Upholds Revenue’s Appeal; Extrapolation of Unaccounted Income Found Justified