ITAT Judgment contain Income Tax related Judgments from Income Tax Appellate Tribunal Across India which includes ITAT Mumbai, Chennai, Delhi, Kolkutta, Hyderabad etc.
Income Tax : ITAT Special Bench held that omission of scrutiny category in a Section 143(2) notice is a procedural defect curable under Section...
Income Tax : ITAT held section 35D(2)(c) applies only to companies and upheld disallowance of REIT's claim for IPO and listing expense amortisa...
Income Tax : Article examines whether the MLI Principal Purpose Test has domestic effect under Section 90(1) following Nestlé SA and Sky High ...
Corporate Law : The article argues that failure to comply before the AO or CIT(A) can lead to adverse assessments, as higher forums generally cann...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : ITAT Bangalore restored the appeal after holding that mere upload of an order on the ITBA portal is not valid service under Sectio...
Income Tax : ITAT Bangalore held Section 2(47)(v) inapplicable as the JDA did not satisfy Section 53A conditions, deleting capital gains for AY...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The tribunal held that a gift deed alone cannot establish legitimacy under Section 68. It directed fresh scrutiny of the donor’s...
Income Tax : ITAT upheld denial of Section 10(38) exemption and Section 68 addition on alleged sham share transactions while remanding computat...
Income Tax : ITAT upheld deletion of a Section 68 addition on demonetisation cash deposits after finding the deposits were supported by audited...
Income Tax : ITAT deleted the Section 69A addition on demonetisation cash deposits after finding the recorded cash sales, stock records and VAT...
Income Tax : ITAT deleted the Section 68 addition on ₹2.74 crore cash deposits, holding that recorded sales, audited books, VAT records and s...
Income Tax : ITAT deleted the Section 68 addition on ₹80 lakh cash deposits, holding that audited cash sales recorded in books could not be t...
Income Tax : ITAT Pune allowed rectification under Section 254(2), correcting factual errors and granting Section 54EC deduction of ₹1 crore ...
Income Tax : The ITAT Delhi has revised its hearing notice protocols. Physical notices will now be sent only once, with subsequent dates availa...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : Central Government is pleased to appoint Shri G. S. Pannu, Vice-President of the Income Tax Appellate Tribunal, as President of th...
Income Tax : Ministry of Finance notified rules for appointment of members in various tribunals on 12.02.2020 in which practice of judicial and...
The present appeal by the Revenue is directed against the order of the Commissioner (Appeals)-II, Ahmedabad [CIT(A) in short] dated 30-9-2013 for the assessment year (AY) 2010-11 wherein penalty imposed under section 271AAA of the Income Tax Act, 1961 (hereinafter referred to as the Act) Rs. 20 lakhs was deleted by the Commissioner (Appeals).
This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) -20, Mumbai dated 17.04.2014 for the Assessment Year 2010-11. The only grievance of the assessee in his appeal is that the Ld.CIT(A) erred in denying the deduction u/s 54 of the Act.
Under the head Capital gains only direct expenses relatable to transfer of property are allowed as deduction. Therefore, the cancellation expenses should not be held to be incurred either for acquiring the property or for transfer of property
Merely because construction of new house was started prior to transfer of original asset, deduction under section 54F cannot be denied, if the construction was completed within three years of transfer.
Where assessee filed return within extended period of section 139(4) and delay was caused by reason beyond the control of assessee, liberal interpretation was to be given to procedural requirement of section 80AC and denial of deduction under section 80-IC was not, therefore, justified.
Assessee was entitled to deduction u/s 54F of the Act in respect of more than one residential flats received by virtue of a development agreement. We find that this issue is now fairly covered by the decision of various High Courts in favour of the assessee.
If the AO has not rejected the books of accounts and has only doubted the genuineness of the suppliers but not the genuineness of the purchases and if the payments are made by account payee cheques, s. 69C is not attracted. S. 69C cannot be applied where all purchase and sales transactions are part of regular books of accounts. The basic precondition for invoking s. 69C is that the expenditure incurred by the assessee should be out of books of accounts
On the facts and circumstances of the case the Assessing Officer has erred in computing long term capital gain at Rs. 99,57,265/-. 2. That the Commissioner (Appeals) is wrong in not granting exemption under section 54 and 54F of the Income Tax Act on the amount invested for the purchase of residential plot and deposits made under capital gain in the Bank.
Provision of section 50C(1) of the Act are not applicable to section 54F for the purpose of determining the meaning of full value of consideration.
The only limitation prescribed by section 54 is that construction of new house ought to have been completed within a period of three years and said section does not prescribe any condition vis-a-vis the commencement of construction, therefore, assessee was entitled to deduction under section 54 even in respect of amount invested prior to the date of transfer of original asset.
