Jaipur ITAT held that interest on a commercial property not used for business cannot be claimed as a business expense but is allowable under Section 24(b) from house property income.
Ahmedabad ITAT deleted Rs. 9.64 lakh addition under Section 69A, holding that only net interest income is taxable after deducting interest expenditure on borrowed funds.
The issue was whether an ex-parte reassessment for unexplained cash deposits could stand despite total non-compliance. The ITAT held that substantive justice required one final opportunity and remanded the case for fresh adjudication.
The reassessment was framed by NFAC before faceless powers under section 151A were notified. The ITAT held the entire reassessment without jurisdiction and quashed both reopening and addition.
ITAT Delhi held that addition towards cash deposit during demonetization period is not sustainable since the same is redeposit of cash which was withdrawn for making salary payment or incurring any expenditure. Accordingly, the addition is deleted.
The reassessments were initiated after four years based on section 68 but concluded under section 115BBC. The ITAT held that absence of valid jurisdiction and mismatch of sections rendered the reassessments void.
The issue was whether a single, consolidated approval under section 153D for multiple assessees is legally valid. The ITAT held that such mechanical approval shows no application of mind and vitiates the entire search assessment.
The issue was whether capital gains could be computed under section 50C without referring valuation to the DVO despite the assessee’s objection. The ITAT held that denial of a DVO reference violates statutory rights and remanded the matter for fresh valuation.
The issue was whether unexplained deposits of ₹94.89 lakh could be sustained when evidence was not produced due to a serious family medical crisis. The ITAT held that genuine hardship warranted a fresh opportunity and remanded the matter for proper verification.
The Revenue sustained addition by assuming 50% of cash withdrawals were used for household expenses. The Tribunal ruled that suspicion-based estimates cannot replace evidence and granted substantial relief.
