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Purchase of One Residential House with Modifications of Two Adjacent Properties Amounts to a Single Residential House: ITAT Allows S.54F Exemption Claim [Read Order]

Varda Marakkar

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) in Mumbai granted Section 54F exemption under the Income Tax Act 1961 ( ITA ) to an...

AO Fails to Verify Loan Recorded as Journal Entry in Shareholder's Account: ITAT deletes ₹25.93 Lakh...

216 Days undue Delay in Filing ITR by Co-Op Society: Madras HC dismisses Petition Claiming 80P...

Extension of Deadline by CBDT: ITAT deletes Addition of Deemed Income to Trust for Belated Filing of...

Decades-old Assessments: ITAT denies re-adjudication for evidence lapses [Read Order]

AO Fails to Verify FMV with Valuation Officer u/s 50C(2) upon Taxpayer’s Dispute: ITAT Invalidates STCG Addition [Read Order]

The Lucknow Bench of the Income Tax Appellate Tribunal ( ITAT ) invalidated the addition of short-term capital gains ( STCG ) after the assessing officer failed to consult a valuation officer to...

ITAT Reverses AO's Additions, upholds Legitimacy of Long-Term Capital Gains from Share Transactions [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) reversed the Assessing Officer's ( AO ) additions and upheld the legitimacy of long-term capital gains reported by an individual assessee,...

ITAT quashes Reopening of Assessment due to Procedural Flaws in issuance of Notice [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the reopening of the assessment for the assessment year ( AY ) 2017-18 due to procedural flaws in the issuance of the notice. ...

ITAT Deletes ₹4.96 Crore Addition Citing Need for Fresh Valuation Instead of DVO's Seller Valuation [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) deleted a ₹4.96 crore addition to the assessee's income, citing the need for a fresh valuation rather than relying on the District Valuation...

Ad hoc addition of Unexplained Receipts without calling for records: ITAT remands matter for readjudication [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has remanded an income tax matter for readjudication on ground that the Assessing Officer ( AO ) made an ad hoc addition of unexplained...

ITAT Deletes Expense Disallowance u/s 14A Due to Lack of Exempt Income [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the expense disallowance under Section 14A of Income Tax Act,1961,due to a lack of exempt income during the assessment year ( AY...

ITAT Deletes Interest Disallowance u/s 36(1)(iii) for Genuine Unsecured Loans, Upholding CIT(A) Decision [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the disallowance of interest under Section 36(1)(iii) of the Income Tax Act,1961 for genuine unsecured loans provided to the...

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