Reversing lower authorities, ITAT Ahmedabad ruled that the assessee proved genuineness of loans and interest payments, allowing deduction under Section 57 of the Income Tax Act.
ITAT Delhi remanded the case for re-examination of foreign remittances from Russia, directing the Assessing Officer to verify if the receipts were genuine trade receivables amid allegations of over-invoiced exports.
The ITAT set aside the rejection of Life Eternal Trusts 80G registration and remanded the case to re-evaluate if the trusts religious expenses exceeded the 5% limit. The Tribunal instructed the CIT to consider the trust’s new evidence on expense miscategorization.
ITAT Cuttack deleted a ₹15.45 lakh demonetization cash deposit addition based on bank confirmation. Tribunal also reduced estimated net profit rate for wholesale trader from 1.5/% to 1/%
ITAT Chennai remanded a Section 69A unexplained cash deposit addition back to the AO. The assessee is permitted to submit new evidence, including bank statements, for fresh consideration of the claim.
ITAT Pune annulled reassessment proceedings, holding that approval by PCIT instead of PCCIT for notices issued after three years was contrary to Section 151.
The Tribunal held that expenses incurred to make a newly purchased house habitable qualify as construction under Section 54 and are eligible for exemption.
The Tribunal held that expenses incurred to make a newly purchased house habitable up to the date of occupation are eligible for Section 54 exemption, subject to verification.
Tribunal held that sale proceeds of fixtures sold with a flat could not be taxed separately under income from other sources and quashed the CIT’s Section 263 order.
Bangalore ITAT held that expenditure of Rs. 8.65 lakh on interiors of a new house qualifies for exemption under Section 54, reversing the disallowance made by tax authorities.
