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The AO was directed to recompute capital gains based on DVO valuation but had ignored indexation. The Tribunal ruled that recomputation without indexation is legally impermissible.
The ITAT held that capital gains under Section 50C cannot be mechanically applied where a sale deed is alleged to be an erroneous document and no real transfer occurred. The case was remanded to verify whether the transaction was actually a gift with no consideration or possession transfer.
The Tribunal examined whether tax was short-deducted on remittances to non-resident shareholders. It held that TDS at 11.54%, derived from the concessional 10% rate under section 112 with surcharge and cess, was legally correct and no default arose.
The ITAT held that even a small part payment through banking channels before or on the agreement date is sufficient to invoke the provisos to section 56(2)(vii)(b)(ii). Substantial payment or possession is not a statutory requirement.
The Tribunal remanded the case after finding that reassessment and appellate orders were passed ex parte without examining key issues on transfer, valuation, and cost, directing a fresh assessment with opportunity of hearing.
The Tribunal sent the matter back to the Assessing Officer after finding that important objections on land classification and cost of acquisition were not verified. A fresh decision must be made after proper examination.
Tribunal held that no capital gains arise on amalgamation or demerger carried out as part of a genuine family settlement. It ruled that such restructuring is not a “transfer” under tax law, affirming the assessee’s indexed cost and tax-neutral treatment.
NCLAT Delhi held that direction to resolution professional to release the amount to Gujarat State Tax Department treating it as secured creditor under Section 48 of the Gujarat Value Added Tax Act, 2003 is justifiable as NCLT is obliged to apply decision of Supreme Court.
ITAT held that the reassessment notice issued after the assessee’s death raised jurisdictional issues. Legal grounds like issuance to a deceased must be adjudicated before proceeding with assessments.
The Delhi ITAT held that reopening an assessment based solely on audit objections, without fresh material, is invalid. The tribunal emphasized that reassessment cannot be used for a mere change of opinion
