ITAT Hyderabad held that sale of vacant plot is not eligible for deduction under section 54 of the Income Tax Act.
ITAT Hyderabad held that in case of violation of provisions of section 269SS of the Income Tax Act, penalty can be only in the year in which violation has taken place and not in any assessment year.
ITAT Hyderabad held that it is mandatory for CIT(A) to grant responsible opportunity to the Assessing Officer in case additional evidence is admitted. However, in the present case, the documents based on which relief is granted was already available with the department and hence there is no violation of Rule 46A of the Income Tax Rules.
ITAT Hyderabad held that mere securing a house on rent in the USA is not the conclusive fact that the assessee had become a USA resident to allow DTAA benefit.
ITAT Hyderabad held that benefit of deduction under section 54F not eligible as the assessee owns more than one residential property on the date of transfer of the capital asset other than the new asset acquired.
By no stretch of imagination could it be said that the payment for breach of contractual obligation pursuant to an arbitration award in the pending litigation, cannot be said to have been incurred for any purpose which is an offence or which is prohibited by law.
Since the assessee is a company as is established by the 143(1) intimation, question of assessing its income under the head ‘salary’ does not arise. Impugned order is, therefore, liable to be set aside.
ITAT Hyderabad held that prior to 01.10.2014 it was essential for the Assessing Officer to reject the books of accounts of the assessee before referring the matter to the Valuation Officer for determining different entries and the expenditure incurred by the assessee.
ITAT held that on account of the fault of authorised representative / chartered accountant / advocate of assessee, the assessee should not be made to suffer and more particularly, when the assessee happened to be a senior citizen and is not conversant with the digital communication.
ITAT Hyderabad held that no legal sale of gold can be made with the use of either prohibited currency or prohibited Specified Bank Notes (SBNs)
