Visakhapatnam ITAT allowed a Section 54F capital gains exemption, even though the assessee didn’t deposit the sale proceeds in a specified account. The tribunal cited beneficial interpretation of the provision and the assessee’s investment in a new property.
Bombay High Court holds that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s appeal in CIT Vs Abdul Aziz Abdul Kadar.
ITAT Mumbai rules that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s appeal in ITO Vs Abdul Aziz Abdul Kadar.
ITAT Nagpur overturns CIT(A) order, allowing deduction under Section 80P for a cooperative society. The tribunal rules AO’s disallowance was unjustified.
Supreme Court dismissed the tax appeal in PCIT vs. Patanjali Foods, upholding the Bombay High Court’s decision that reassessment notices issued after an approved resolution plan under the IBC are invalid. The HC had quashed reassessment notices and orders, citing the clean slate principle and clarifying the scope of Section 148 of the Income Tax Act.
Bombay HC quashes reassessment notices against Patanjali Foods, citing prior insolvency resolution and clarifying the scope of reassessment under Section 148.
Madras HC denies ITC claims in Devi Traders case, citing lack of e-way bills and transport documents. Court emphasizes taxpayers’ burden to prove goods receipt for ITC eligibility.
Guwahati HC applies promissory estoppel against Assam, upholding industrial policy benefits despite conflicting departmental views on factory operations.
ITAT Chandigarh sets aside ex-parte order against Karam Chand Sweets, remanding the case to CIT(A) for fresh hearing on merits. Assessee given one last chance.
Kerala High Court sets aside income tax orders against Kerala Minerals & Metals due to lack of opportunity for a hearing. Case remanded for fresh consideration.
