The issue was whether stamp duty value of redevelopment property is taxable without possession. ITAT held that Section 56(2)(x) applies only on actual receipt, so no tax arises without possession.
The issue was whether delay in filing appeal can be condoned when assessment order was not served. ITAT held that non-service constitutes sufficient cause, requiring fresh adjudication on merits.
The issue was addition of cash found during search claimed to belong to the assessee’s mother. The Tribunal allowed partial relief, accepting some explanations based on evidence and probabilities while sustaining the balance.
The issue was denial of concessional tax regime due to incorrect ITR disclosure and alleged delay in filing Form 10-IC. The Tribunal held that due date depends on the class of assessee, not procedural lapses, and allowed Section 115BAA benefit.
The Tribunal held that interest expenses cannot be disallowed when the trust merely facilitates transactions and costs are reimbursed. It emphasized the concept of real income and pass-through structure.
The issue was whether contractor deposits could be treated as unexplained credits. The Tribunal held they were genuine trade liabilities, not taxable under Section 68.
The issue was reopening based on incorrect cash deposit figures exceeding ₹50 lakh. The Tribunal held actual amount was lower, making notice time-barred and invalid.
ITAT Hyderabad holds 12.5% profit estimation on ₹2.52 crore bank credits excessive; rejects commission agent claim due to lack of evidence but restricts income estimation to 4%, granting partial relief to the assessee.
The Tribunal held that interest earned from co-operative banks qualifies for deduction under Section 80P(2)(d). It clarified that co-operative banks are to be treated as co-operative societies. The ruling resolves disputes on eligibility of such income.
ITAT ruled that selling and distribution expenses cannot form part of work-in-progress. Such costs do not contribute to inventory creation and must be treated as revenue expenditure. The decision reinforces accounting standards in tax treatment.
