ITAT Hyderabad held that deduction claimed under section 43B of the Income Tax Act supported by necessary documentary evidences is allowable. Accordingly, deduction allowed to the extent relevant evidences are furnished.
ITAT Hyderabad held that exemption under section 10(1) of the Income Tax Act towards income derived from sale of foundation seeds as agricultural income allowed. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld.
Hyderabad ITAT dismissed an appeal, holding that a construction company couldn’t use the Section 153A assessment process, triggered by a search, to claim a Section 80-IA deduction it had omitted in its original return. Following the Supreme Court’s Shelly Products ratio, the Tribunal affirmed that the assessed income cannot be less than the income originally returned when the assessment was complete.
The ITAT Hyderabad ruled that an appeal cannot be dismissed merely because the assessment was framed under an old PAN and the appeal filed under a new, active PAN. The Tribunal set aside the CIT(A)’s order and remanded the case to the AO to verify the source of cash deposits of Rs. 85.31 lakh, allowing the assessee to prove the amounts were already accounted for as business receipts.
ITAT Hyderabad held that once a moratorium is imposed under IBC, Income Tax Department cannot recover dues from corporate debtor. However, proceedings to determine tax liability may continue under IBC and Income Tax Act.
ITAT holds that filing audit report late due to Covid-19 is a procedural lapse, not a ground to deny exemption, following Telangana and Gujarat High Court rulings.
ITAT Hyderabad remanded a reassessment case to verify the dispatch date of the Section 148 notice (speed post/email). The ruling, guided by the Delhi HC s Suman Jeet Agarwal case, states the date of delivery to the post office determines the notice’s validity.
ITAT Hyderabad deleted the Capital Gains addition in AY 2016-17, ruling that conditional possession under a JDA for mere development is NOT transfer u/s 2(47)(v). Tax is due only when full possession is handed over, confirming taxability in AY 2019-20.
Tribunal ruled that registration under Section 12AB can be cancelled only upon proven specified violations, not on suspicion or ongoing assessments, restoring society’s registration.
ITAT confirmed that a company can validly exercise the concessional tax regime under Section 115BAA through a revised return filed within the due date. Regular business losses and unabsorbed depreciation remain eligible for set-off.
