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 condoned a 161-day delay in filing the appeal after accepting medical evidence showing the assessee suffered an accident and dengue fever. The ruling reiterates that courts should adopt a liberal and justice-oriented approach in condonation matters.
The tribunal held that exemption for a statutory housing authority depends on whether housing units were sold above cost. The case was remanded to examine if charges exceeded cost plus nominal mark-up.
The Tribunal refused to condone an 840-day delay in filing an appeal where the assessee claimed the Chartered Accountant failed to inform about the assessment order. It held that a taxpayer must remain vigilant about proceedings and cannot shift full responsibility to the counsel.
The Tribunal accepted that the deposits represented funds withdrawn earlier for house construction. Since the explanation was supported by loan records and confirmations, the addition was removed.
The Tribunal held that cash deposits cannot be treated as unexplained when they fall within accepted business turnover declared under the presumptive taxation scheme. Once turnover is accepted under Section 44AD, separate additions for such deposits are generally not justified.
The High Court held that reassessment proceedings must follow proper procedure when the assessee is deceased. The tax authority must issue notice to the legal representative before initiating proceedings.
The tribunal ruled that reallocating management expenses to the profit and loss account under IRDA regulations does not violate law and therefore cannot justify disallowance under the Income-tax Act.
ITAT Delhi held that exemption under section 54B of the Income Tax Act allowed since assessee is able to prove the nature of land as agricultural land based on revenue records and income tax return, wherein, income accepted as agricultural income.
ITAT Mumbai held that deduction under Section 80JJAA cannot be allowed when not claimed in the original return of income. Section 80A(5) bars such belated claims raised for the first time before appellate authorities.
Tribunal held that application software licences with limited duration and no ownership rights are revenue expenditure. It deleted the disallowance and ruled that remand by the Commissioner (Appeals) was unjustified.
