Judgement

The ITAT agreed with the CIT(A), ruling that the High Court in the case of Karnataka Bank [2009] 316 ITR 345, already stated that the non-rural debts are not required to be adjusted against such provisions.

ITAT Upholds CIT(A) Decision Allowing Bad Debt Deduction Under Section 36(1)(vii) for Non-Rural Branches

The case of Sri Srinivasa Educational & Charitable Trust (supra) was cited, where it was ruled that relying only on search material without conducting an inquiry appears to be the case of borrowed satisfaction.

ITAT Quashes PCIT's Registration Cancellation Order Due to AO's Borrowed Satisfaction

The ITAT remanded the case back to CIT(A) after imposing a Rs. 10,000 cost on the assessee for non-cooperation, allowing a fresh opportunity to explain unexplained investments and cash deposits.

ITAT Ahmedabad Grants Second Opportunity to Assessee with a Cost; Case Remanded to CIT(A)

ITAT Bangalore held that excess stock found during a survey in a jewellery firm should be taxed as regular business income, not as unexplained investment under Section 69B.

ITAT Rules Excess Stock in Jewellery Business to Be Taxed as Regular Business Income, Not Unexplained Investment

HC quashed reassessment notices holding that proceedings can’t be reopened on identical issues already examined in earlier reassessment u/s 147, and remanded the case for fresh hearing

Delhi HC Quashes Reassessment Notice; Identical Issue Already Examined in Earlier 147 Proceedings

The ITAT Cochin cancelled a Rs. 2.2 lakh penalty on a retired employee, ruling that claiming higher gratuity exemption in good faith did not amount to misreporting of income.

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ITAT Upholds CIT(A) Decision Allowing Bad Debt Deduction Under Section 36(1)(vii) for Non-Rural Branches

ITAT Quashes PCIT's Registration Cancellation Order Due to AO's Borrowed Satisfaction

ITAT Ahmedabad Grants Second Opportunity to Assessee with a Cost; Case Remanded to CIT(A)

ITAT Rules Excess Stock in Jewellery Business to Be Taxed as Regular Business Income, Not Unexplained Investment

Delhi HC Quashes Reassessment Notice; Identical Issue Already Examined in Earlier 147 Proceedings

ITAT Cochin Deletes Penalty for Incorrect Gratuity Exemption Claim Filed in Good Faith