Assessee – real estate developer was engaged in the business of construction of residential units / bungalows which were duplexes surrounded by a compound wall. Each residential unit consisted of a portico and an open terrace.
Patna High Court dismisses prosecution against Sonali Autos for delayed TDS deposit, citing reasonable cause and compliance with CBDT instructions.
Assessee then filed an appeal before Tribunal. It was held that assessee had included net gain of ₹17.02 crore from foreign currency transactions and translations in its operating income, but DRP had rejected the claim.
Supreme Court acquits men in murder case, finding High Court wrongly reversed a trial court acquittal. Cites flaws in evidence and sets strict precedent on appeals.
Madras HC quashes reassessment notices due to lack of new material. Court rules that profit and loss accounts don’t qualify as books of account under Income tax laws.
Merely the fact that the liberty was given to the Appellant by the court and he failed to pursue the first appeal filed against the order dated 10.04.2023 did not mean that the Appellant could change the date of default at its convenience.
ITAT Pune allows Mahanagar Constructions’ appeal, ruling that notional rental income from unsold flats held as stock in trade cannot be taxed as ‘Income from House Property’ for AY 2014-15, citing judicial precedents.
ITAT Mumbai allows Section 54F deduction for Anant R Gawande, clarifying joint ownership and property acquisition for capital gains exemption.
ITAT Chennai held that passing of rectification order under section 154 of the Income Tax Act held to be not sustainable since reasonable opportunity of being heard was not granted specifically when rectification resulted into enhancement of an assessment.
NCLAT Dehi held that if the CoC arbitrarily rejects a just settlement offer, the Adjudicating Authority as well as the Appellate Authority can always set aside such a decision. Thus, order admitting section 7 application upheld.
