ITAT Ahmedabad dismissed the Revenue’s appeal, ruling that a taxpayer’s sale of agricultural land is not subject to capital gains tax, regardless of the buyer’s later use.
The Income Tax Appellate Tribunal (ITAT) Pune has ruled in favor of an assessee, Sonal Ashish Shah, reversing an addition made by the Income Tax Officer (ITO) on the sale of shares in Blazon Marbles Limited, an alleged penny stock company.
The Income Tax Appellate Tribunal (ITAT) in Cochin has ruled that voluntarily disclosing additional income after a search notice does not automatically justify a penalty under Section 271(1)(c) of the Income-tax Act, 1961.
The ITAT Delhi has held that purchasing a residential plot and subsequently constructing a house on it fulfills the conditions for capital gains exemption under Section 54F of the Income Tax Act.
The ITAT Delhi has set aside a penalty imposed on a taxpayer, ruling that penalties cannot be levied on additions to income that are based on estimation. This decision follows a precedent in the same case.
ITAT Ahmedabad partly allows Rotomag Enertec Ltd.’s appeal, deleting disallowances on foreign commission, warranty provision, and Section 14A. Learn more.
In a key ruling, the ITAT upholds that fees for accessing a copyrighted database are not royalty under Indian tax law or the India-UK DTAA, affirming no taxable presence for the UK company.
ITAT Delhi has dismissed a revenue appeal, confirming that a CIT(A) can set aside an ex-parte assessment and remand case for fresh adjudication, citing a recent amendment to tax law.
The ITAT Delhi ruled that a charitable society’s tax exemption cannot be denied if its registration remains valid. The tribunal emphasized the need for consistency, setting aside a demand based on a factual error.
ITAT Bangalore rules against taxing SBNs as unexplained cash when deposits are linked to legitimate business sales, preventing double taxation.
