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 ...
The Tribunal invalidated reassessment proceedings since the Section 148 notice was issued after 01.04.2021, making it time-barred. The ruling reinforces strict limitation compliance for reopening cases.
The Tribunal observed that the assessee could not participate in proceedings due to lack of knowledge. It remanded the matter to ensure proper hearing and adjudication on merits.
The case addressed disallowance of interest under Section 57 for lack of nexus. The Tribunal allowed the deduction, holding that consistency in earlier years and increased investments justified the claim.
The issue involved eligibility of interest from employee loans. The tribunal ruled that such income is not directly linked to core credit activity. Therefore, it is taxable as income from other sources
The issue involved taxability of interest earned from statutory deposits. The tribunal held that such income is attributable to business activities and qualifies for deduction. This highlights the importance of statutory obligations in determining tax treatment.
The Tribunal restored the penalty matter as the quantum addition was sent back to the AO. It held that penalty must follow the outcome of reassessment proceedings.
The Tribunal held that different floors of the same building constitute one residential house. Deduction under Section 54 cannot be denied on the ground of structural division.
The case involved unexplained cash deposits during demonetization. The Tribunal upheld addition for unexplained shortage but deleted addition where advances were supported by evidence.
The issue involved cash deposits during demonetization treated as unexplained credit. The Tribunal held that when deposits are backed by recorded sales and identifiable debtors, Section 68 cannot be invoked.
ITAT held that vacant unsold flats attract tax on notional rent under house property. The key takeaway is that ownership triggers taxation even without actual rental income.
