Addition made on capital gain on revaluation of land to partners are not sustainable under law for Conversion of partnership firms can be considered only in the hands of the firms under Section 47(xiii)(b): ITAT [Read Order]

Taxpayer should be given Reasonable Opportunity to provide his Submission as per the Principles of Nature Justice: ITAT directs Readjudication [Read Order]

Credits to Capital Account shown as Gift from assessee’s Aunt are not Unexplained Credits :ITAT deletes Addition [Read Order]

Mere Mistake in Declaring Fund Transfer between Proprietorship Business and Proprietor does not Warrant Addition: ITAT [Read Order]

“A Right Tax has to be Collected from Right Person”, CPC bound to Correct Wrong Adjustment made through Automated Process: ITAT [Read Order]

ITAT deletes disallowance on Account of Interest Paid on Debit Balances of Capital Account with other firms [Read Order]