The Revenue alleges that the appellants/assessee got the said company CCL incorporated only for the purpose acquiring properties in UK by which he could avoid declaration of the ownership in the properties in India.
Cochin ITAT rules builder eligible for 80IB(10) deduction, clarifying ‘developer’ vs ‘works contractor’ and rejecting reliance on Sales Tax precedents.
Ahmedabad ITAT rules Section 80JJAA deduction cannot be rejected solely for late filing of Form 10DA, if filed with the return, citing procedural lapse.
Patna ITAT remands case for fresh CIT(A) hearing, finding assessee was denied proper opportunity to present case and CIT(A) failed to address merits.
Mumbai ITAT rules in favor of Tata Chemicals, allowing deduction of ₹156 crore interest on loans for overseas investment, overturning PCIT’s revision.
Delhi ITAT sets aside tax additions against a couple, ruling Section 153C satisfaction invalid and emphasizing the belongs to vs. pertains to distinction.
Patna ITAT remands penalty case of Narayani Educational Health and Charitable Trust, allowing re-examination of Section 271(1)(b) levy due to lack of evidence submission.
ITAT Mumbai confirms Rs. 12 lakh unexplained cash addition for assessee with multiple PANs, citing insufficient evidence for deposit sources.
ITAT Chandigarh held that every error is not required to be corrected under Section 263 of the Income Tax Act. Revisionary proceedings u/s. 263 quashed as plausible view taken by the Assessing Officer.
Mumbai ITAT rules that notional rent on unsold flats held as stock-in-trade is taxable as ‘Income from House Property’ for periods even prior to AY 2018-19, affirming previous Delhi High Court judgments.
