Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Nagpur held that a 50-year lease is not a transfer under Section 2(47)(vi) where the transaction is only a lease and not an a...
Income Tax : ITAT Ahmedabad allowed Section 10(10B) exemption on BSNL VRS compensation, following coordinate bench rulings despite no claim in ...
Income Tax : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
Tribunal held that reassessment beyond three years was not permissible where alleged escaped income was only ₹38 lakh. Since statutory threshold of ₹50 lakh was not met, reassessment was quashed.
The ITAT Delhi held that an interest-bearing loan can still be taxed as deemed dividend where all statutory conditions under Section 2(22)(e) are satisfied. Repayment of the loan did not alter its tax treatment.
ITAT Delhi held that reassessment based solely on Investigation Wing reports without independent enquiry is invalid. The ruling emphasizes that borrowed satisfaction cannot justify reopening under Section 147.
Tribunal held that purchase of land outside the prescribed period does not automatically disqualify exemption on construction of a residential house. Construction expenditure incurred within the time limit prescribed under Section 54 may still qualify for deduction. The issue was remanded for verification of actual construction costs.
ITAT Delhi held that protective additions cannot survive when the same income has already been assessed substantively in the hands of the real beneficiaries. The key takeaway is that the Revenue cannot tax identical income twice in different hands.
The Tribunal held that shares shown as non-current investments cannot automatically be treated as business expenditure for invoking Section 40A(2)(a). The matter was remanded for fresh examination.
The Tribunal held that Section 43B cannot be invoked where the assessee has not claimed the GST liability as a deduction. Since the amount was not debited to the profit and loss account, the disallowance was deleted.
The Nagpur ITAT restored the matter to the CIT(A) after noting that the legal issue regarding notices issued by the Jurisdictional Assessing Officer is pending before the Supreme Court. A fresh adjudication on merits was directed.
The Mumbai ITAT held that a Section 148 notice issued beyond three years was invalid because the alleged escaped income was only Rs. 2,03,816, below the Rs. 50 lakh threshold. The reassessment and consequential additions were quashed.
ITAT Chandigarh held that compensation received under the HMT Tractor Division closure package qualified for exemption under Section 10(10B). The Tribunal treated the payment as closure-related compensation rather than ordinary voluntary retirement compensation.
