2023-TIOL-1328-ITAT-MUM

Minutex Processors Pvt Ltd Vs DCIT

Whether failure of assessee to prove identity & creditworthiness of share applicants and genuineness of transaction, calls for addition u/s 68 - YES: ITAT

- Assessee's appeal dismissed: MUMBAI ITAT

2023-TIOL-1327-ITAT-MUM

DCIT Vs Milan Kavinchandra Parikh

Whether since very basis of levy of penalty by AO is beyond jurisdiction, such penalty deserves to be deleted - YES: ITAT

- Revenue's appeal dismissed: MUMBAI ITAT

2023-TIOL-1326-ITAT-PUNE

Bangadas Swami Vs Pr.CIT

Whether interest income earned on fixed deposits with bank partake nature of business income, which is eligible for deduction u/s 80P(2)(a)(i) - YES: ITAT

Whether power of revision cannot be exercised by PCIT in exercising power vested with him u/s 263 in respect of debatable issue - YES: ITAT

- Assessee's appeal allowed: PUNE ITAT

2023-TIOL-1325-ITAT-INDORE

Nayana Jayesh Patel Vs Pr.CIT

Whether where there is non-application of mind on part of AO as well as absolute lack of inquiry which renders assessment order as erroneous & prejudicial to interest of revenue, such case warrants revision u/s 263 - YES: ITAT

- Assessee's appeal dismissed: INDORE ITAT

2023-TIOL-1324-ITAT-VIZAG

Koyya Ganga Venkata Satya Vs ITO

Whether just because assessee committed mistake of declaring business income as agricultural income, AO cannot ignore statutory provision for characterizing income from one lorry of assessee as business income - YES: ITAT

- Assessee's appeal allowed: VISAKHAPATNAM ITAT