The ITAT Bangalore held that the entire cost of construction claimed by the assessee while computing capital gains on sale of property could not be outrightly disallowed merely due to lack of complete supporting documents.
The exemption is rooted in constitutional provisions and Sections 2(1A) and 10(1) of the Income-tax Act. Courts have clarified that only genuine agricultural operations qualify for tax relief.
The ITAT Bangalore held that reopening of assessment was invalid as it was based on an incorrect assumption that the assessee had claimed bogus long-term capital gains (LTCG) from penny stock transactions.
ITAT Bangalore quashed Sec.263 revision, holding AO had examined Model House and ₹9.68 cr expenses in detail; mere change of opinion cannot justify revision.
The Tribunal held that the reassessment notice issued after the extended limitation period was invalid under Section 149. As a result, the entire reassessment based on alleged accommodation entries was quashed as void ab initio.
The analysis shows that India s taxation system, particularly under the Income-tax Act, 1961, is primarily based on economic capacity rather than benefits received. Judicial rulings and constitutional values support progressive, redistributive taxation.
The Tribunal held that when fraud allegations under Section 74 fail, the matter must be remitted to the original proper officer under Section 75(2). The appellate authority cannot itself re-determine tax liability under Section 73.
ITAT Bangalore quashed reassessment for AY 2017-18, holding notice issued on 12-04-2024 time-barred under first proviso to Sec.149(1), despite prior 148A proceedings.
The Court held that renting space within a university campus for banks and similar facilities forms part of allied educational services. Consequently, the service tax demand and penalties were quashed.
Supreme Court held that Spectrum allocated to Telecom Service Providers [TSPs] and shown in their books of account as an “asset” cannot be subjected to proceedings under Insolvency and Bankruptcy Code, 2016 [IBC].
