ITAT Mumbai remands case on capital gain exemption for two adjoining flats under Section 54F, directing physical verification of flats by the Assessing Officer.
The ITAT Kolkata quashed Section 263 proceedings against Nalanda Engicon, ruling that the prior approval under Section 153D was sufficient to invalidate the revision.
ITAT Chennai held that no findings have been rendered on various documentary evidences furnished by the assessee. Accordingly, matter restored in view of violation of the principle of natural justice.
ITAT Pune held that exemption under section 54F of the Income Tax Act entirely allowed as entire amount re-invested by the assessee and name of the son taken only as a proforma purchaser.
ITAT Delhi held that the onus is always on the assessee to substantiate with evidence to the satisfaction of the AO regarding the identity and credit worthiness of the loan creditor and genuineness of the transaction. Matter restored to verify transaction for addition u/s. 68.
Tata Sons challenges incorrect interest calculation on refunds under Section 244A. ITAT Mumbai directs reassessment of refund and interest for AY 1993-94.
ITAT Bangalore held that confirmation not containing PAN cannot be reason for addition as the confirmations were available with the AO and if he had any doubt regarding he could have again verified with the creditors. Addition in respect of creditors deleted.
ITAT Bangalore held that filing of form 10B is only directory and the same is not mandatory. Hence denial of exemption under section 11 of the Income Tax Act for delay in filing of form 10B unjustified.
ITAT Bangalore held that delay in filing of an appeal due to election code of conduct and ill health of staff is sufficient cause and accordingly condonation of 25 days in filing of an appeal granted.
ITAT Ahmedabad held that addition towards unsecured loan where loan was repaid is unsustainable, whereas, addition where assessee failed to demonstrate repayment or interest payment to creditor sustained.
