Mumbai ITAT rules that notional rent on unsold flats held as stock-in-trade is taxable as ‘Income from House Property’ for periods even prior to AY 2018-19, affirming previous Delhi High Court judgments.
ITAT Bangalore rules against extrapolating unaccounted sales without concrete evidence in DCIT vs. Kanva Diagnostic Services. Admissions alone are insufficient for additions.
ITAT Bangalore dismisses Prem Prakash Gupta’s appeal for 375-day delay. Emotional distress cited without evidence deemed insufficient for condonation. Case highlights ‘explanation’ vs ‘excuse’.
ITAT Ahmedabad rules on Vikas Vijay Gupta vs PCIT, confirming the validity of revision under Section 263 for a wrongly issued penalty notice. Procedural errors in penalty proceedings are rectifiable by PCIT.
Cochin ITAT confirms additions against Sreepathy Trust for AY 2013-14 and 2016-17 due to insufficient evidence for cash credits under Section 68 of the Income-tax Act.
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.
