ITAT Jaipur allows 54B exemption as full sale proceeds were reinvested; DLC value under sec 50C doesn’t affect exemption when actual consideration is reinvested.
ITAT Jaipur rules reassessment notice issued post-TOLA limit invalid in Sanskriti Build-Dev vs ITO. Proceedings declared time-barred under Rajeev Bansal ruling.
Summary of Deepika Garg vs. ITO (ITAT Chandigarh) for AY 2017-18. The ruling deletes a Rs. 24 lakh addition for alleged bogus cash sales, upholding the assessee’s audited books and documented transactions.
The ITAT Ahmedabad directed the CIT(E) to grant registration to Hatkeshwar Mahadev Trust, ruling that caste-based objects alone are not a violation without proof of applied income.
ITAT Mumbai held that identity, creditworthiness, and genuineness of loan from M/s Sai Traders were proved through PAN, ITRs, banking trail, interest with TDS, and full repayment. Section 68 addition of ₹1 crore was unsustainable.
Tribunal ruled that contributions to workers’ educational institutions under NCWA are statutory obligations and not voluntary expenses. Disallowance under Section 40A(9) was deleted. Issues on TDS, Section 43B and double disallowances remanded to AO for verification.
ITAT Jaipur deletes ₹6.26 Cr. addition u/s 68, stating it would be double taxation. Tribunal also rules that the CIT(A) exceeded jurisdiction by remanding the case for verification of already submitted documents.
ITAT Hyderabad upholds PCIT’s Section 263 order as AO failed to verify 99% subcontract expenses; reassessment directed for unverified GST-linked subcontract claims.
The ITAT Raipur has set aside an addition under Section 68 on a salaried employee’s demonetization cash deposit, citing a lack of evidence by the CIT(A).
ITAT Hyderabad partly allows Revenue’s appeal in Net Net Ventures case. Rs.7 Cr addition deleted; Rs.1.47 Cr and Rs.1.73 Cr issues remanded for verification.
