The Income Tax Appellate Tribunal (ITAT) Ahmedabad has dismissed a Revenue appeal, affirming that a real estate developer was correctly allowed to claim a project loss.
The Tribunal ruled that the addition, based on uncorroborated loose papers and rough jottings, was invalid. The decision followed a similar ruling in a co-partner’s case, establishing that such evidence without independent verification cannot be the sole basis for taxation.
The ITAT Delhi has set aside the reassessment of Avon Containers, ruling the Income Tax Department’s notice void.
The court found that the CIT(E) had failed to adequately examine whether the trust’s religious activities were within the 5% limit allowed under Section 80G(5B) and had also not provided the trust with a proper opportunity to be heard.
The ITAT Nagpur has set aside a penalty of ₹11.8 lakh imposed on Kirtikumar Haribhai Patel, ruling that the penalty, being consequential to the assessment order, cannot survive once the original assessment is restored for fresh adjudication.
ITAT Ahmedabad upheld reopening of assessment for undisclosed high-value property sale, but remanded the Rs. 2.01 crore capital gain for fresh valuation due to flawed valuation reports.
The Income Tax Appellate Tribunal (ITAT) Pune has significantly reduced the tax addition against an advocate for unexplained cash deposits.
The ITAT Bangalore has condoned a 126-day delay for a senior citizen, remanding her property transaction case to the AO after finding she was unaware of proceedings due to her son’s death.
ITAT Nagpur has dismissed Revenue’s appeal against Western Coalfields Ltd., affirming that a delay in filing Form 10-IC for the concessional tax rate under Section 115BAA can be condoned.
The Tribunal condoned a 376-day delay in filing the appeal, citing a consultant’s lapse, and ruled that the assessee was denied a fair hearing. The case was remanded for a detailed examination of jurisdictional and factual issues.
