The Mumbai ITAT ruled that under Section 50C(3), the stamp duty value prevails over a higher DVO valuation. Learn how this impacts capital gains tax.
A Chandigarh hospital’s Rs.3.91 crore tax addition is remanded for reassessment after a faulty software report skewed patient data, causing a major tax dispute.
ITAT Mumbai rules that a lack of response to notices cannot justify a disallowance under Section 40A(2)(b). The AO must prove payments are excessive.
ITAT Bangalore rules that CIT(A) cannot dismiss an appeal for non-prosecution, setting aside an order in the case of Yasmeen Shaikh vs. ITO and remanding the matter for fresh adjudication.
ITAT Delhi deletes credit card addition and remands the mutual fund investment issue for fresh verification in the case of Promilla Mathur vs. CIT.
ITAT Ahmedabad dismisses Revenue appeals in ACIT vs Ashokbhai Kheni, ruling that jurisdiction lies with ITAT Surat as per the Supreme Court’s guidance.
Jaipur ITAT rules that a clerical error in a tax return cannot be grounds for collecting tax on non-existent income, directing the department to rectify the mistake.
Mumbai ITAT partly allows a CA’s appeal, disallowing 50% of his gold coin gift expenses, stating that lack of business nexus and recipient details is a valid reason.
ITAT Mumbai rules that demonetization cash deposits should be treated as business turnover and not as unexplained income, deleting a separate addition.
Mumbai ITAT rules that payments for foreign commission, inspection fees, and software subscriptions are not taxable in India, exempting merchants from TDS obligations.
