ITAT Jaipur held that provisions of section 50C of the Income Tax Act is not applicable because the immovable property was purchased/ sold as business property. Further, profit earned was duly reflected in the return of income. Accordingly, demand set aside.
ITAT Raipur held that confirmation of addition under section 69A of the Income Tax Act towards unexplained money by CIT(A) in absence of any evidence justified as assessee adopted lackadaisical approach and evaded from participating in proceedings before CIT(A).
ITAT Delhi held that invocation of revisionary power u/s 263 of the Income Tax Act without satisfying two conditions i.e. order was erroneous and it was prejudicial to the interest of revenue is unsustainable in law and liable to be quashed.
ITAT Mumbai held that amount received by the appellant from VMI in terms of the Settlement Agreement was consideration for transfer of goodwill and the same is taxable under Capital Gains and cannot be treated as business income.
ITAT Bangalore held that as income is estimated under section 44AD of the Income Tax Act, so addition under section 68/69A of the Income Tax Act is impermissible.
ITAT Raipur held that condonation of inordinate delay of 191 days in filing of an appeal cannot be condoned without any justifiable reason. Accordingly, condonation not granted due to lack of sufficient cause.
ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benefit of presumptive taxation up to Rs. 2 Crores as per section 44D of the Income Tax Act.
ITAT Bangalore held that as assessee has no right to receive the interest accrued on Fixed Deposits due to prohibitory order, the same is not taxable.
ITAT Bangalore held that denial of exemption under section 11 of the Income Tax Act unjustified as the primary activity of charitable trust is not run with profit motive. Accordingly, collection of money for micro financing in the form of interest on the loans advanced to the self help group members will not defeat the real object in order to deprive of the exemption.
ITAT Mumbai held that expenditure towards brand reminder, customer gifts, purchase of medical books and journals is not allowable expenditure u/s 37(1) of the Income Tax Act as such expenses are in the nature of free bees and prohibited.
