The ITAT held that land-levelling and fencing expenses are integral to acquiring agricultural land and qualify for section 54B deduction. The ruling clarifies what constitutes eligible investment despite restricting unregistered costs.
The issue was whether the AO could expand a limited scrutiny assessment into a complete scrutiny without approval. The ITAT held that such expansion is invalid without prior PCIT sanction.
The dispute involved alleged non-compliance with mandatory faceless assessment procedure rendering the order non est. The ITAT held that remanding without ruling on section 144B(9) violations is impermissible.
The Tribunal remanded the MAT issue after noting lack of factual verification on whether reserve withdrawals were credited to the P&L account. Key takeaway: MAT adjustments under section 115JB require strict, evidence-based verification.
The AO was directed to recompute capital gains based on DVO valuation but had ignored indexation. The Tribunal ruled that recomputation without indexation is legally impermissible.
ITAT Ahmedabad ruled that credit entries in the assessee’s account were correctly assessed, even though initial cash deposits belonged to a company, ensuring proper attribution of income.
The Revenue relied only on the builder’s settlement disclosure to tax the buyer. The ITAT held that third-party admissions, without corroboration or cross-examination, cannot fasten liability on the assessee.
Ahmedabad ITAT deleted Rs. 9.64 lakh addition under Section 69A, holding that only net interest income is taxable after deducting interest expenditure on borrowed funds.
The issue was whether capital gains could be computed under section 50C without referring valuation to the DVO despite the assessee’s objection. The ITAT held that denial of a DVO reference violates statutory rights and remanded the matter for fresh valuation.
The Tribunal upheld deletion of additions where receipts were linked to declared sales and no evidence of cash back was shown. Acceptance of sales negates Section 68 in the absence of proof.
