Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder cannot be taxed as business income or income from house property for the Assessment Year 2013-14. This decision predates the 2017 amendment to Section 23(5) of the Income-tax Act.
Delhi ITAT allows Shivsagar Builders’ appeal, deleting additions for notional rent on inventory and clarifying taxable revenue based on contractual agreements.
ITAT Mumbai rules on Progressive Homes’ appeal, addressing tax on unsold flats as stock-in-trade and disallowing expenses under Section 14A.
ITAT Mumbai rules on Girdharilal Lulla’s appeal, asserting unsold flats are stock-in-trade, not subject to notional house property income tax.
ITAT Mumbai rules on Runwal Constructions’ appeal, asserting unsold flats are stock-in-trade not subject to notional house property income.
Bangalore ITAT deletes tax additions based on third-party seized documents and retracted statements in DCIT vs. Gopal Krishnanatsa Katigar. Ruling highlights necessity of direct evidence, upholding principles of natural justice and cross-examination rights.
Bombay High Court rules that services by an Indian subsidiary to its foreign holding company qualify as “export of service” under the IGST Act, enabling Input Tax Credit refunds. The judgment clarifies “distinct person” and “agency” definitions.
ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed.
Delhi High Court held that technical glitch with wording in the stamp ‘signature not verified’ doesn’t render order invalid as order was uploaded on GST portal which can be done only after verification by concerned State Tax Officer.
Bombay High Court dismissed income tax appeals by the CIT against Agastmuni Construction, citing CBDT Circular No. 17/2019’s monetary limits.
