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The present appeals are filed by the Revenue and Assessee against different orders of the Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi dated 04.08.2022 for the assessment years 2017-18 & 2018-19.
ITAT Bangalore quashed a Section 263 revision order concerning a Section 54F deduction, citing insufficient inquiry by Assessing Officer and lack of adequate opportunity for taxpayer.
ITAT Mumbai held that all the conditions of slump sale as provided under section 2(42C) of the Income Tax Act read with section 50B of the Act is satisfied. Accordingly, benefit of section 50B granted and AO directed to compute the business income accordingly.
Delhi High Court held that concluded assessments cannot be reopened merely based on suspicion. Accordingly, reassessment quashed as there is no tangible material to form ‘reason to believe’ that income has escaped assessment.
ITAT Delhi held that approval accorded u/s. 153D in stereotype manner and single approval has been granted for various Assessment Years is invalid sanction. Thus, order passed based on invalid sanction accorded u/s. 153D is liable to be quashed.
Bombay High Court slaps ₹10,000 cost on Zarah Rafique Malik for failing to inform the tax officer about pending DRP objections, setting aside the assessment order for re-consideration.
ITAT Surat rules cash in real estate business isn’t automatically unexplained for demonetization deposits. Reduces ₹7.54L addition, cites Supreme Court on cash balances.
ITAT Delhi held that in case of bogus purchases only profit element embedded should be taxed and entire amount of purchases cannot be taxed. Accordingly, AO directed to apply profit rate of 5% on unverifiable purchases.
ITAT Delhi held that different floors of a property cannot be construed as independent residential unit and instead had to be construed only as a single residential unit for purpose of claiming deduction u/s. 54F. Accordingly, grounds raised by revenue dismissed.
ITAT Hyderabad held that it is not obligatory on the part of the CIT(A) to set aside all the best judgment assessment orders passed u/s 144 of the Income Tax Act to the file of the AO. CIT(A) is obligated to address the grievance of validity of jurisdiction assumed by AO for initiating reassessment proceeding.
