The ITAT set aside a CIT(A) order that allowed a Section 54B capital gains exemption, because the CIT(A) copied a co-owners case ruling without independently verifying the factual evidence of agricultural use. The Tribunal reiterated that the burden to prove agricultural use rests on the assessee and remanded the matter for a fresh, reasoned decision based on factual findings.
The ITAT upheld the disallowance of delayed employee contributions to PF/ESIC, ruling that the Supreme Courts Checkmate Services judgment is retrospective unless explicitly stated otherwise by the SC itself. The Tribunal confirmed that the doctrine of prospective overruling cannot be invoked by the assessee, as the ruling merely interprets the law as it always existed.
ITAT Raipur held that since order passed by Pr. CIT u/s. 263 is quashed the addition made by AO u/s. 143(3) r.w.s 263 does no more survive. Therefore, appeal of the assessee allowed and addition made by AO liable to be quashed.
ITAT Hyderabad held that cash deposit on account of family settlement needs to be proved with documentary evidences like family settlement deed or relinquishment of property right etc. Matter restored with direction to assessee to submit relevant proof.
ITAT Ahmedabad held that deduction u/s. 35(1)(ii) of the Income Tax Act rightly disallowed since donation was given to Arvindo Institute of Applied Scientific Research Trust whose approval expired on 31.03.2006. Accordingly, appeal of assessee dismissed.
ITAT Pune held that sum has been received for work relating to interior and other finishing work and total consideration is received through banking channel. Hence, there is no violation of section 269SS of the Income Tax Act. Hence, penalty u/s. 271D not leviable. Accordingly, appeal of revenue dismissed.
ITAT Raipur held that addition towards unexplained credits on estimated basis should be the average GP rate from the preceding 3 years. In the present case the same is taken as 5% without any basis. Accordingly, matter restored back to file of AO.
ITAT Hyderabad held that condition of investment to the corpus donation in mode prescribed under section 11(5) of the Income Tax Act is effective only from 01/04/2022. Hence the said condition is not applicable in the relevant year. In the result, appeal of assessee is allowed.
The ITAT deleted the addition, finding that the assessee fulfilled the Section 54F condition by investing the entire sale proceeds and acquiring legally enforceable rights in the property well before the two-year deadline. The key takeaway is that a delay in the execution of the final registered agreement, caused by the builder, cannot be held against the taxpayer.
The ITAT Delhi ruled that a business’s cash deposits during the demonetisation period were not unexplained under 68, provided they were sourced from genuine sales. The Tribunal deleted the entire addition, holding that the lower authorities stock calculation was flawed and statutory records (VAT, Audited Books) corroborated the sales genuineness.
