ITAT Delhi held that registered deed of new property not mandatory for claiming exemption under section 54F of the Income Tax Act. Investment in property and possession thereof sufficient for claiming exemption.
CESTAT Delhi held that re-assessment will come to an end once the goods are exported in case of Shipping Bills and once the officer gives an order clearing the goods for home consumption in case of imports.
Gujarat High Court held that appeal filed within extended time on 15.06.2016 as per Circular No. 20/2016 dated 26.05.2016 cannot be dismissed on the ground of delay. Thus, order set aside and matter remanded to CIT(A).
Mumbai ITAT ruled the CIT(E)’s revisionary order against Indian Education Society was time-barred, clarifying Section 263’s scope regarding original vs. reassessment issues.
Allahabad High Court rules Section 131(1A) notices are invalid if issued after a Section 132 income tax search. Judgment clarifies pre-search vs. post-search investigative powers, protecting taxpayer safeguards.
In the matter above-mentioned CESTAT Delhi Bench held that customs officers are stranger to the contract between the exporter and the overseas buyer and has no locus standi to change the FOB value of the goods.
ITAT Nagpur held that short charging of rent from the trustee cannot be reason for denial of entire claim of exemption under section 11 of the Income Tax Act. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
Based on these observations the contentions of the appellant in their reply dated 22.6.2020 that 100% service tax payment is made by service receiver, was opined contrary to the above observations.
ITAT Chandigarh held that compensation under a family settlement is liable to be assessed under the head ‘Capital Gain’ and not ‘Income from Other Sources’. Thus, deduction u/s. 54 and 54EC allowed and addition made by AO set aside.
CESTAT Allahabad held that Cenvat Credit on Iron & Steel is rightly denied in absence of the verification of the utilization of the same for manufacture of capital goods. Accordingly, order of lower authorities upheld.
