The tribunal ruled that remuneration paid to a working partner cannot be disallowed when the partnership deed authorizes such payment and the amount is within limits prescribed under Section 40(b).
The ITAT Mumbai held that when stamp duty value is disputed, the Assessing Officer should refer the property to the Departmental Valuation Officer. The matter was remanded for fresh assessment.
The Tribunal held that the sale of shares after holding them for nearly ten years could not be treated as a bogus penny stock transaction due to lack of evidence of manipulation.
ITAT Mumbai held that reassessment initiated without approval from the correct authority under Section 151 is invalid. Since the reassessment itself was void, the revision order under Section 263 could not survive.
ITAT Mumbai held that long-term capital gains from share sales cannot be treated as unexplained cash credit when the assessee provides contract notes, demat records, and bank statements proving the transactions.
The Tribunal relied on official certificates confirming that the land was located beyond municipal limits and classified as agricultural. Since agricultural land is excluded from capital asset definition, the addition made under Section 56 was deleted.
The tribunal examined whether an appeal could be dismissed for non-compliance without considering the assessee’s explanation. It set aside the order and remanded the matter, directing the authority to decide the appeal afresh after granting a proper hearing.
The tribunal examined whether an appeal could be dismissed as time-barred without giving the assessee an opportunity to be heard. It held that denial of hearing violated principles of natural justice and remanded the matter for fresh adjudication.
The ITAT held that when non-jurisdictional High Courts give conflicting decisions, a division bench ruling should be preferred over a single judge decision. On that basis, the Tribunal rejected the assessee’s claim that the assessment order was time-barred.
ITAT Mumbai held that marketing and advertisement expenses incurred to promote products on an online retail platform are revenue in nature since they relate to expansion of an existing business.
