ITAT Delhi set aside the income tax assessment for AY 2020-21 after the proprietor’s death, directing the Assessing Officer to decide afresh on the legal representative’s liability. The ruling emphasizes proper recognition of legal heirs in tax proceedings.
Tribunal remanded issue of unexplained cash deposits under Section 68 to Assessing Officer for fresh verification, citing lack of adequate opportunity and consideration of evidence by lower authorities.
Tribunal held that notional rent on unsold flats treated as stock-in-trade cannot be taxed under Income from House Property. The ruling clarifies that only actual rental income or sale proceeds are taxable, protecting developers from arbitrary assessments.
SC held that even with a breach of insurance policy terms, insurer must first pay accident compensation and can later recover it from vehicle owner under pay-and-recover principle.
Tribunal held that tax authorities erred in invoking Article 24A to deny capital gains exemption under Article 13(4A) without first satisfying preconditions of economic substance. The decision underscores that anti-abuse provisions cannot override bona fide investments made before 2017.
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Tribunal clarified that a DVO report, being an estimation, cannot form sole basis for additions under Section 69B. Without proof of actual extra expenditure by assessee, such additions are legally unsustainable.
Summary of GST provisions on detention of goods and vehicles, e-way bill compliance, penalty, appeal, and refund procedures under Sections 68 and 129.
ITAT Delhi condoned a delay of over 1,000 days in filing an appeal, holding that the Covid-19 period stands excluded under the Supreme Court’s suo motu extension of limitation, allowing the assessee’s appeal to proceed.
Can the GST portal help recover unpaid invoices? Learn how ITC reversal rules under GST can pressure defaulters and what legal steps suppliers can take.
