Judgement

The ITAT also agreed with the assessee that the intimation under section 143(1) was issued beyond the 9-month limit.

ITAT Quashes Time-Barred ITR Intimation Under Section 143(1) Issued by CPC

The ITAT Delhi ruled in favour of the assessee, allowing exemption under Section 11 despite a delay in filing the audit report, considering it a rectifiable error.

ITAT Allows Exemption u/s 11 Despite Delay in Filing Audit Report Citing Income Tax Circular

The Tribunal observed that the note had terms like "approximate" and "projection", and "estimation" mentioned on it, and it did not provide any solid proof showing actual income or sales.

Income Tax Addition Based on Rough Paper Not Valid: ITAT

The Income Tax Appellate Tribunal (ITAT) Ahmedabad has upheld the addition of Rs. 1.5 crore as capital gains tax on a land sale, rejecting the assessee’s claims.

ITAT Ahmedabad Upholds Rs. 1.5 Crore Capital Gains Tax on Land Sale, Rejects Assessee's Appeal

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.

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ITAT Quashes Time-Barred ITR Intimation Under Section 143(1) Issued by CPC

ITAT Allows Exemption u/s 11 Despite Delay in Filing Audit Report Citing Income Tax Circular

Income Tax Addition Based on Rough Paper Not Valid: ITAT

ITAT Ahmedabad Upholds Rs. 1.5 Crore Capital Gains Tax on Land Sale, Rejects Assessee's Appeal

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