ITAT Mumbai rules against a Section 263 revision order, stating the Assessing Officer had conducted sufficient inquiry in the original assessment.
The ITAT Chennai ruled on whether land was an urban capital asset and on the correct sale consideration. It held the land was a capital asset but restricted taxable sale consideration to the amount for land actually transferred in the assessment year.
The ITAT Chennai has ruled that capital gains tax cannot be levied on a minor’s share of property sale proceeds if the funds are deposited under a court order.
The ITAT Mumbai dismissed income tax appeals against Hardcastle Restaurants, holding that additions cannot be made to completed assessments without incriminating material found during a search operation.
