ITAT Cochin confirms ₹1.05 Cr cash deposit addition for AY 2017-18. Assessee failed to explain source from fish sales, and new evidence was rejected as belated.
ITAT Cochin rules in favor of assessee Chemangattu Jose John, deleting Section 69A addition related to property sale consideration discrepancy, citing transparent bank receipts.
ITAT Bangalore rules that a director’s mere custody of company funds, without personal use or formal loan, does not constitute a deemed dividend under Section 2(22)(e) of the Income-tax Act.
This appeal concerns a trust’s income tax exemption and the utilization of accumulated income. The Tribunal reviewed whether the initial assessment, which did not tax past surpluses, was erroneous, and allowed the trust’s appeal.
This case examines whether extensive hotel renovations are revenue or capital expenditures under the Income Tax Act, analyzing arguments from the Revenue and the assessee, and referencing key court decisions.
ITAT Ahmedabad rules Section 56(2)(x) applies to agricultural land. Assessee’s dispute on stamp duty valuation mandates DVO reference. Case remanded for re-evaluation.
ITAT Chennai rules agricultural land beyond urban limits is exempt from capital gains tax, irrespective of actual cultivation, citing Section 2(14).
The Karnataka High Court has overturned an Income Tax Department order, allowing a trust to condone a 151-day delay in filing IT returns and Form 10 due to a tax consultant’s oversight, citing a “justice-oriented approach.”
Bengaluru tax authorities challenge NFAC order on unsecured loan deletion, citing Rule 46A violation. Case remitted for fresh adjudication.
Income Tax Tribunal rules on Rs. 23.33 lakh addition, clarifying Section 56(2)(vii)(b)(ii) for land held as stock-in-trade versus personal asset.
