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.
An assessee’s appeal against a ₹36.34 lakh cash deposit addition was dismissed by NFAC, New Delhi, due to a procedural error. The challenge targeted a rectification order, not the original assessment.
Tax penalty under Section 271(1)(c) deleted by ITAT for an assessee whose income was misreported by a consultant, citing voluntary tax payment before notice.
ITAT directs tax authorities to grant TDS credit on the sale of exempt agricultural land, ruling denial based on non-disclosure in ITR is incorrect.
Chennai ITAT upholds deletion of additions for undisclosed profit, expenses, and stock in textile firm’s AY 2018-19 assessment following survey.
Mumbai ITAT rules on TDS credit for joint property sale where full TDS was in one co-owner’s name but income taxed by all heirs.
