Judgement

The ITAT observed that the explanation was specific, as there was the appointment of a new board, the termination of the previous accountant, and the building repairs.

Major Building Repairs, Accountant Fired, VALID Reasons for failure to respond: ITAT deletes Penalty u/s 271A(1)(d)

The company submitted that the appellate proceedings were ex parte, as the assessee was unaware of the notice and could not get the chance to present its case.

Accountant Resigned, Emails Missed, ITAT condones 581-Day Delay

ITAT removed the Rs 10 lakh addition after confirming the cash deposit came from genuine family gifts and savings.

ITAT Deletes Rs. 10 Lakh Addition After Finding Cash Deposit Was Properly Explained

The Tribunal held that a figure mentioned on a paper cannot be considered as evidence for treating the figure as unexplained money

ITAT Deletes Addition Made u/s 69A Based on Promissory Note Found in Possession of Third Party

News

Bombay High Court refused interim relief to a same-sex couple challenging the gift tax exemption available only to heterosexual spouses.

HC Refuses Interim Relief as Same-Sex Couple Challenges Gift Tax Rule Under Section 56(2)(x)

ITAT Mumbai holds that a taxpayer can claim Section 54F exemption even if the new property is not yet registered, as long as the investment is genuine.

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Major Building Repairs, Accountant Fired, VALID Reasons for failure to respond: ITAT deletes Penalty u/s 271A(1)(d)

Accountant Resigned, Emails Missed, ITAT condones 581-Day Delay

ITAT Deletes Rs. 10 Lakh Addition After Finding Cash Deposit Was Properly Explained

ITAT Deletes Addition Made u/s 69A Based on Promissory Note Found in Possession of Third Party

HC Refuses Interim Relief as Same-Sex Couple Challenges Gift Tax Rule Under Section 56(2)(x)

Section 54F exemption cannot be denied merely because registration of Property is pending