ITAT Surat held that bill and vouchers of the expenditure claimed by the assessee was loss on account of floods. The explanation of expenses by way of copy of accounts, names and addresses, details TDS deducted and payments by crossed account payee cheques acceptable.
ITAT Chandigarh held that addition of mere book entry unsustainable as no amount has been received and no adverse interference with regard to the same has been drawn by the department.
ITAT Mumbai held that compensation received on account of non-performance of obligation by the Delhi Development Authority (DDA) is capital receipt not taxable in the hands of the assessee.
ITAT Hyderabad held that mere securing a house on rent in the USA is not the conclusive fact that the assessee had become a USA resident to allow DTAA benefit.
ITAT Ahmedabad TDS credit cannot be denied on the ground that corresponding turnover has been offered to tax in the earlier assessment year.
ITAT Amritsar held that loss incurred as amount written off paid against advance of land reflected in column bad & doubtful in ITR is allowable as business loss as genuinity of transaction not questioned.
ITAT Mumbai held that addition u/s 45 under the head Capital Gains for violation of conditions u/s. 47(xiiib) of the Act on conversion of a private limited company into the assessee LLP unsustainable as commercial expediency not contravened by AO.
ITAT Ahmedabad held that profit earned for carbon credits is capital in nature and hence addition treating the same as revenue in nature is unsustainable in law.
ITAT Hyderabad held that benefit of deduction under section 54F not eligible as the assessee owns more than one residential property on the date of transfer of the capital asset other than the new asset acquired.
Filing of Form 10CCB to claim deduction u/s 80-IC is directory in nature and not mandatory. It’s sufficient if same is filed before passing assessment order
