ITAT Patna Judgments — August 2022

The Tribunal held that the reopening of assessment under Section 147 was bad in law as it was based on a change of opinion and beyond the prescribed time limit. The additions made by the AO were therefore quashed.

The Tribunal held that the reopening of assessment under Section 147 was bad in law as it was based on a change of opinion and beyond the prescribed time limit. The additions made by the AO were therefore quashed.

The Tribunal condoned the delay in filing the appeal and restored the issue to the file of the CIT(E) for fresh adjudication. The CIT(E) was directed to re-examine the application after the assessee furnishes necessary details.

The Tribunal held that the compensation received for compulsory acquisition of land is exempt from income tax as per Section 96 of the RFCTLARR Act, as clarified by CBDT Circular No. 36/2016. Therefore, the CIT(A)'s decision to delete the addition was justified.

The Tribunal upheld the order of the CIT(A) regarding the addition of Rs. 5,90,000/- as undisclosed capital, considering Rs. 4,00,000/- as genuine past savings. The Tribunal found the CIT(A)'s order to be reasonable and in accordance with the law.