2023-TIOL-1428-ITAT-MUM

Navrang Basant Cooperative Housing Society Ltd Vs ITO

Whether provision of section 80P(4) does not apply to cooperative housing society and rather they are eligible for deduction u/s 80P(2) on interest earned from investment in cooperative banks - YES: ITAT

- Assessee's appeal allowed: MUMBAI ITAT

2023-TIOL-1426-ITAT-AHM

Dhirubhai Kantilal Sharma Vs ITO

Whether additions framed on account of Long Term Capital Gain, after re-opening assessment for the relevant period, are unsustainable, where lower authorities fail to establish as to how the transaction in question is bogus - YES: ITAT

- Appeal allowed: AHMEDABAD ITAT

2023-TIOL-1425-ITAT-AHM

Kiran Gopal Gargesh Vs ITO

Whether AO was justified in holding the source of money as unexplained when assessee has put concrete material on record to explain the source - YES: ITAT

- Assessee's appeal allowed: AHMEDABAD ITAT

2023-TIOL-1424-ITAT-MAD

SCL Tradelink And Services Ltd Vs ACIT

Whether since LTCG derived from mutual fund is out of sale of equity share and incurs levy of Security Transaction Tax, then capital gain derived by assessee is exempt under Section 10(38) - YES: ITAT

Whether as per provisions of section 115UB of the Act, Alternative Investment Fund is a pass through entity for investors and whatever gain or loss derived by such fund is assessable in the hands of unit holders - YES: ITAT

- Appeal allowed: CHENNAI ITAT

2023-TIOL-1423-ITAT-KOL

Santi Ram Mondal Vs ITO

Whether as per settled precedent, a penalty notice issued under Section 274 of the Act is invalidated where it omits to specify the exact charge against the Assessee as per Section 271(1)(c), based on which penalty is proposed to be imposed - YES: ITAT

Whether penalty u/s 271(1)(c) can be imposed automatically after an assessee does not challenge assessment order raising tax demand and proceeds to pay the tax demand raised - NO: ITAT

- Appeal allowed: KOLKATA ITAT

2023-TIOL-1422-ITAT-RAJKOT

ACIT Vs Shree Bhavani Extrusion

Whether sufficient time gap between the date of survey and the date on which the details were furnished by the assessee can be grounds for rejecting the contention of the assessee wrt Section 69 of the Act - NO: ITAT

- Revenue's appeal dismissed: RAJKOT ITAT