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.
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.
ITAT Surat ruled on the classification of land as a capital asset under Section 2(14) for AY 2012-13. Decision centered on distance measurement standards and LTCG.
ITAT Kolkata rules that cash withdrawals from a bank account cannot justify reassessment. The assessment was quashed, confirming the taxpayer’s right to use their funds.
ITAT Rajkot held that addition on account of unexplained investment in purchase of immovable property u/s 69 of the Income Tax Act is liable to be deleted since assessee sufficiently proved that all the payments are made from wife’s NRI account.
ITAT Chennai held that when the cash is sourced out of recorded sales, the provisions of section 69A of the Income Tax Act could not be invoked since sales have already been offered to tax and taxing same again u/s. 69A would amount to double taxation.
ITAT Delhi held that the assessee has duly explained the source of his share of the investment made in the property purchased. Accordingly, addition towards unexplained investment under section 69 of the Income Tax Act is directed to be deleted.
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.
ITAT Patna held that addition towards unexplained income upheld since assessee failed to prove genuineness of transaction and creditworthiness. Accordingly, appeal dismissed and addition upheld.
