The ITAT Delhi addressed cross-appeals in Amit Gupta vs. ACIT, ruling on Section 54B deduction based on extended return filing dates and clarifying Section 54F exemption for jointly owned property.
ITAT Jaipur clarifies Section 54F, ruling that booking a flat doesn’t equal ownership for exemption conditions. A key verdict on capital gains tax relief.
ITAT Cochin examines capital gains exemption validity under Section 54F and remands agricultural income assessment for re-evaluation.
ITAT Surat rules cash in real estate business isn’t automatically unexplained for demonetization deposits. Reduces ₹7.54L addition, cites Supreme Court on cash balances.
Kolkata Tribunal rules automated disallowance of Section 80P deduction for co-operatives due to belated filing not applicable for AY 2018-19; amendment effective from AY 2021-22.
ITAT Mumbai held that denial of exemption under section 11 of the Income Tax Act not justified as advances given doesn’t violate provisions of section 13(1)(d) of the Income Tax Act. Accordingly, appeal allowed and exemption granted.
ITAT Delhi held that in case of bogus purchases only profit element embedded should be taxed and entire amount of purchases cannot be taxed. Accordingly, AO directed to apply profit rate of 5% on unverifiable purchases.
ITAT Delhi held that different floors of a property cannot be construed as independent residential unit and instead had to be construed only as a single residential unit for purpose of claiming deduction u/s. 54F. Accordingly, grounds raised by revenue dismissed.
ITAT Hyderabad held that it is not obligatory on the part of the CIT(A) to set aside all the best judgment assessment orders passed u/s 144 of the Income Tax Act to the file of the AO. CIT(A) is obligated to address the grievance of validity of jurisdiction assumed by AO for initiating reassessment proceeding.
ITAT Pune directed appellant to prove genuineness of activities; details of donations received and file audited financial statements for getting approval for regular registration u/s.12A r.w.s.12AB of the Income Tax Act. Accordingly, matter remitted back.
