ITAT Ahmedabad held that addition on account of deemed dividend as per section 2(22)(e) of the Act unsustainable in the hands of non-shareholders.
ITAT Mumbai held that addition towards bogus purchases unsustainable if the alleged bogus purchases show gross profit higher than the regular gross profit.
ITAT Surat held that deduction under section 54B duly allowable in case the nature of land was converted from agriculture to non-agriculture purpose just before transfer of land.
ITAT Mumbai held that that the joint ownership of the property would not stand in the way of claiming exemption under Section 54F of the Income Tax Act.
ITAT Mumbai held that deduction u/s 80IB of the Income Tax Act, in respect of increased business income due to addition on account of concealed production, is not allowable.
ITAT Amritsar held that interest on FDR’s received by co-operative society by investing in another co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act.
ITAT Mumbai held that fabrication charges received from Associate Enterprise doesn’t fall under the purview of fees for technical services (FTS) and accordingly not taxable in India.
ITAT Mumbai held that allotment letters issued for purchase of flat should be considered as ‘Agreement to sell’ for the purpose of section 56(2)(x) of the Income Tax Act.
Delhi High Court held that department cannot ignore an order passed by the appellate authority merely stating that it proposes to file an appeal against the said order.
The Income Tax Appellate Tribunal, Delhi, in the case of Raj Kumar Vs ACIT, held that a S. 69 addition is not sustainable based on a mere delay in deposit during the demonetisation period.
