ITAT Bangalore quashed a Section 263 revision order concerning a Section 54F deduction, citing insufficient inquiry by Assessing Officer and lack of adequate opportunity for taxpayer.
ITAT Ahmedabad deletes arbitrary disallowances under Section 40A(2)(b), emphasizing AO’s burden to prove excessiveness in related party transactions.
ITAT Mumbai quashes reassessment notices for Rising Star Investment for AY 2017-18, citing jurisdictional defects and lack of proper sanction. Also deletes Section 56(2)(viia) addition based on DVO report.
ITAT Mumbai held that all the conditions of slump sale as provided under section 2(42C) of the Income Tax Act read with section 50B of the Act is satisfied. Accordingly, benefit of section 50B granted and AO directed to compute the business income accordingly.
ITAT Jaipur allowed exemption under Section 54F in Goverdhan Singh Shekhawat Vs ITO despite technical non-compliance, emphasizing substance over form and judicial precedents.
ITAT Mumbai rules in favor of assessee, deleting a Rs 10.53 lakh cash deposit addition, citing Section 68 non-applicability to bank accounts.
The ITAT Mumbai has deleted unexplained cash credit additions for the Pitkar family, ruling Section 68 inapplicable to bank passbooks and citing genuine medical expenses.
Delhi ITAT partially allows Rohit Goel’s appeal against ACIT, addressing unexplained cash deposits, out-of-book purchases, and assessing income based on bank credits.
ITAT Mumbai overturns A.O.’s additions for alleged bogus long-term capital gains and commission, citing lack of evidence and denial of cross-examination.
ITAT Nagpur rules Prerana Samajik Sanskrutik Trust’s provisional registration was wrongly cancelled. Temporary loans, not lack of genuineness.
