ITAT Weekly Round-Up

This weekly round-up analytically summarizes the key stories related to Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during the previous week from January 10 to January 15, 2022. Pushp Steel and Mining Vs. PCIT The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the revisionary jurisdiction under section 263 of the Income Tax Act, 1961 can be exercised in a very gross case of inadequacy in the inquiry by the Assessing Officer subject to the pre-requirements provided in the provision. DCIT Vs. Ms. Janki Hitendrakumar Patel The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the capital gains arising on the sale of rural agricultural land outside the purview of Income Tax. M/s. SLV Housing Development Corporation Vs. ACIT The Banglore Bench of Income Tax Appellate Tribunal (ITAT) held that non-filing of audit reports electronically cannot be the reason for imposing a penalty under Income Tax Act. M/s. Sheo Shakti Coke Industries Vs. ACIT The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) upheld the CIT(A)’s Order on charging the difference of the profit on gross turnover for the year as “Income from other sources”. YKM Holdings Vs. DCIT The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the petty expenses relating to telephone expenses, advertisement expenses cannot be disallowed on ad-hoc basis in the case of a corporate entity. Dharam Bhushan Jain Vs. ACIT The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the AO is not justified in making disallowance of interest expenditure as it was not subject matter of limited scrutiny. Inderjeet Kohli Vs. DCIT The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the AO under the guise of power to re-open Assessment cannot undertake a fishing or roving inquiry or seek to verify the claim like a scrutiny officer. Abhinav Agarwal Vs. DCIT The Delhi Bench of Income Tax Appellate Tribunal (ITAT) upheld Addition as the assessee failed to prove the genuinity of the transactions. Arun Duggal Vs. DCIT The Delhi Bench of Income Tax Appellate Tribunal (ITAT) upheld the addition as the assessee has failed to offer any explanation with regard to the nature and source of credit in his bank account. DCIT Vs. Futurz Next Services The Delhi Bench of Income Tax Appellate Tribunal (ITAT) while deleting the addition held that transactions in client ledger accounts are transactions entered in the ordinary course of business. Aesthetica Enterprises Vs. ACIT The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has quashed the Penalty Order as it suffered from vagueness and did not provide the sound legal basis for the imposition of penalty. M.K.Kempasiddaiah Vs. ACIT In an assessee-friendly ruling, the Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition made by the income tax department against an 80-year old assessee on the ground that the past savings to the extent of Rs. 2,50,000 cannot be doubted. LG Soft India vs. DCIT In a Relief to LG Soft India Private Limited, the Income Tax Appellate Tribunal ( ITAT) has ruled that Education Cess is allowable as Income Tax Deduction. CIT Vs. Ideal Institute of Technology Society The Delhi Bench of Income Tax Appellate Tribunal (ITAT) allowed the depreciation in respect of cost of the assets as expenditure is allowable.

ITAT Weekly Round-Up

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