Pune ITAT rules on Cosmopolis Construction appeals, holding that notional rent on unsold stock-in-trade is business income, not ‘Income from House Property’.
ITAT Mumbai rules on the contentious issue of taxing deemed rental income from unsold flats held as stock-in-trade by property developers, citing conflicting High Court judgments and favoring the assessee.
Mumbai ITAT rules against computing deemed rental income on unsold flats held as stock in trade, favoring business income treatment for builders.
Mumbai ITAT delivers consolidated order on Haware Construction, addressing validity of re-opening, disallowing partial bogus purchases, and ruling on unsold flats and Section 14A expenses.
ITAT Bangalore allows Section 54F capital gains exemption for an assessee, validating oral Hiba (gift) under Mohammedan Law and overturning previous denials.
Mumbai ITAT rules joint ownership of residential property does not bar Section 54F capital gains exemption, favoring assessee in conflicting High Court views.
ITAT Ahmedabad dismisses Revenue appeals, classifying share trading income as short-term capital gains and allowing Section 54F exemption for property investment.
ITAT Raipur rules in favor of Asha Soni, vacating a Rs. 35 lakh unexplained cash credit. The court found that Section 68 additions cannot be made if no books of accounts are maintained.
ITAT Ahmedabad clarifies corporate guarantees as international transactions, yet upholds Adani Ports’ appeal on no arm’s length adjustment, citing no AE benefit.
Chennai ITAT rules that charitable trusts primarily offering medical relief are exempt from the 20% commercial receipt limit under Section 2(15) of the Income Tax Act.
