ITAT Ahmedabad held that the development rights in the land were not the land itself and, therefore, the provision of section 50C of the Income Tax Act was not applicable on transfer of development rights in the land.
PCIT observed that no agricultural activity was carried out from the year 2014 till 2018 in both the lands i.e. the agricultural land which was transferred by the assessee and also the land which was purchased by the assessee.
ITAT Ahmedabad directs reassessment of a ₹44 lakh discrepancy in agricultural income, questioning the Income Tax Department’s examination of the assessee’s operations.
ITAT Ahmedabad sets aside CIT(A)’s ex-parte order on ₹3.3 crore disallowance, directing fresh adjudication on agricultural income tax exemption.
ITAT Ahmedabad sets aside ex-parte NFAC order but imposes ₹10,000 cost on the assessee for failure to justify non-compliance in the appellate stage.
ITAT Ahmedabad remands Amod Steel case after non-appearance due to communication sent to a former accountant’s email, impacting the appeal process.
ITAT Ahmedabad sets aside CIT(E)’s order, directing reassessment of trust’s 12A registration in light of Supreme Court and High Court judgments.
ITAT Ahmedabad directs AO to verify Form 26AS discrepancy after CIT(A) allowed ₹168.61 crore TDS credit. Revenue’s appeal dismissed as infructuous.
CIT (A) was right in its decision to delete the addition of Rs. 2.92 crore made by AO under Section 69B for alleged undervaluation of closing stock as the books of accounts was not rejected, therefore, the observation of AO that the same were not reliable.
ITAT rules inter-branch transfers excluded from turnover for concessional 25% tax rate under Finance Act, 2017, reducing tax liability for Power and Instrumentation Ltd.
