Topic
ITAT Jodhpur rules that disallowance of business expenditures under Section 37(1) of the Income Tax Act must be backed by tangible evidence, not mere suspicion or perceived inadequacy of activity. The ruling reinforces compliance standards for tax assessments, impacting businesses and tax practitioners.
ITAT Jodhpur rules that cash deposits during demonetization under Section 69A of the Income Tax Act demand rigorous documentary proof of source. The Tribunal remanded the case for fresh assessment, emphasizing procedural compliance and the assessee’s burden to substantiate transactions with valid evidence, impacting tax litigation and banking law.
ITAT Jodhpur rules that assessees challenging the jurisdiction of the Assessing Officer in higher courts demonstrate 'reasonable cause' under Section 249(2) of the Income Tax Act, justifying condonation of delay in filing appeals. The ruling reinforces natural justice by protecting appellate rights despite procedural delays caused by ongoing litigation.