Judgement

The Tribunal observed that the amendment to Section 54, was applicable from AY 2015-16 onwards, as mentioned in the CBDT Circular No. 01/2015 dated 21 January 2015.

Section 54 Deduction Can Be Claimed for Property Purchased Abroad Before AY 2015-16: ITAT

As the AO did not conduct further verification, the Tribunal found no reason for treating the credit as unexplained.

ITAT Finds No Unexplained Credit After Loan Repayment Made to Lender's Creditors

The Tribunal held that CIT(A) is incorrect in sustaining the assessment. The Tribunal said that such notices must be sent to the correct person and not a deceased person

ITAT Sets Aside Assessment Orders Issued Against Deceased Person

The ITAT Mumbai held that Whatsapp chats without proper authentication or supporting evidence cannot be used to establish unaccounted income.

ITAT: WhatsApp Chats Alone Insufficient to Prove Unaccounted Cash, Rs. 3.16 Crore Addition Deleted

The Tribunal carefully analysed the submissions and observed that the assessee had submitted all the required documents to prove that the property was bought by her husband.

No Income Tax Addition for Unexplained Investment on Wife When Husband Funded Property Purchase: ITAT

ITAT Mumbai upheld the investor’s Rs. 8.79 crore capital gain as genuine, rejecting the Revenue’s penny stock allegation for lack of evidence.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

Section 54 Deduction Can Be Claimed for Property Purchased Abroad Before AY 2015-16: ITAT

ITAT Finds No Unexplained Credit After Loan Repayment Made to Lender's Creditors

ITAT Sets Aside Assessment Orders Issued Against Deceased Person

ITAT: WhatsApp Chats Alone Insufficient to Prove Unaccounted Cash, Rs. 3.16 Crore Addition Deleted

No Income Tax Addition for Unexplained Investment on Wife When Husband Funded Property Purchase: ITAT

ITAT Mumbai Upholds Rs. 8.79 Crore Share Gain as Genuine, Rejects Bogus Penny Stock Allegation