ITAT held that capital introduced from ancestral land sale cannot be treated as unexplained merely due to absence of a registered sale deed. Agreements to sell, identity records, and transaction details sufficiently proved the source.
Delhi HC ruled that both jurisdictional and faceless officers can issue Section 148 notices. It reaffirmed that faceless regime does not eliminate JAO authority until Supreme Court decides otherwise.
The Tribunal held that purchase from a State Government entity cannot be undervalued, deleting Rs. 6.59 crore addition under Section 56(2)(x).
ITAT emphasised that valuation must reflect circumstances on the transaction date. AO cannot use hindsight or later valuations to make additions under Section 50CA.
The Tribunal held that penalty under Section 271DA cannot be imposed when the assessment order lacks recorded satisfaction of a 269ST violation. The ruling confirms that satisfaction by the Assessing Officer is a mandatory precondition.
The Tribunal held that one-time lease premium and salami for commercial units cannot be taxed as renting services because the transaction involved transfer of substantial property rights and construction service, not periodic rent. Car-parking fees were also found non-taxable under renting. The ruling provides key clarity for real estate developers on classification and abatement eligibility.
The Tribunal held that income is taxable in the year it accrues, not in the year TDS is deducted by the payer, rejecting addition based solely on Form 26AS.
The Tribunal ruled that only the part of a property actually rented can be assessed for ALV, excluding self-occupied areas under Section 23(2).
ITAT Ahmedabad confirms Section 68 addition of ₹93.92 lakh for bogus LTCG from Kushal Tradelink shares, rejecting the appeal based on human probability test.
ITAT quashed PCIT’s Section 263 order, holding AO’s treatment of survey income as business income valid and not erroneous or prejudicial to revenue.
