ITAT Mumbai held that mere presumption that plots are intended for further sale and hence plots were stock-in-trade does not make the claim satisfying as the assessee failed to prove the same by way of evidences.
ITAT Pune held that mere non-furnishing of declaration to the bank in terms of proviso to rule 37BA(2) of the Income Tax Rules, the amount of tax deducted at source on interest on bank deposit cannot be disallowed while clubbing of the income.
ITAT Ahmedabad held that entire receipts on account of on-money-premium charged would not to be treated as the undisclosed income but only net profit rate could be applied on unaccounted sales/receipt for the purpose of making addition.
ITAT Mumbai held that purchase of residential property within specified period of one year before the sale of capital asset (commercial property) is allowable as exemption under section 54F of the Income Tax Act 1961.
ITAT Delhi held that expenditure of customer contracts and assembled workforce incurred which will give enduring benefits to the assessee is capital expenditure. Accordingly, depreciation is allowable on the same.
ITAT Delhi held that receipts from leasing- hiring of Rigs are taxable as business profit under section 44BB of the Income Tax Act. Such receipts are not in the nature of royalty and hence cannot be taxed under section 9(1)(vi) read with section 115A of the Income Tax Act.
ITAT Amritsar held that as income of the deceased person offered to tax, credit of TDS cannot be denied merely because it appears in the name of deceased mother. A particular income cannot be taxed twice under the law.
ITAT Ahmedabad held that in case of payments to non-resident, when PAN of non-resident payee is not available, TDS is to be deducted at the rates applicable in respective Tax Treaties.
ITAT Dehradun held that the interest is accretion to the value of compensation and hence it is a part of compensation. Accordingly, interest received for compulsory acquisition of agricultural land is exempted under section 10(37) of the Income Tax Act.
ITAT Delhi held that addition of interest income on fixed deposit with Canara Bank sustainable as contention of the assessee that fixed deposit is misplaced and hence there is no question of earning any interest income is illogical.
