Judgement

The ITAT deletes an addition of Rs 17.08 crore unsecured loans, holds an Section 68 addition cannot be sustained merely because the AO doubts the source from which the lenders obtained their funds.

Section 68 Addition Cannot Be Made Merely Because AO Doubts Source From Where Lenders Obtained Funds: ITAT

The Chandigarh ITAT allowed full Section 54 exemption and directed fresh computation of the property's indexed cost, granting major capital gains tax relief to the taxpayer.

ITAT Grants Full Section 54 Relief Despite Joint Property Ownership

The ITAT holds that the stamp duty value on the booking/allotment date must be considered where consideration was received through banking channels before registration.

ITAT Rules No Deemed Income Under Section 43CA Where Booking Date Valuation Supports Sale Price

ITAT allows Section 54 deduction for multiple houses and restores full improvement cost claim.

Multiple House Investments Eligible for Section 54 Deduction: ITAT

The ITAT has held that a penalty imposed under Section 271G of the Income Tax Act cannot survive when the very transfer pricing adjustment forming its basis has already been deleted in quantum proceedings.

ITAT Deletes Rs 5.46 Crore Penalty Under Section 271G After Transfer Pricing Addition Was Quashed

ITAT quashes reassessment after finding approval obtained from an authority not prescribed by law.

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Section 68 Addition Cannot Be Made Merely Because AO Doubts Source From Where Lenders Obtained Funds: ITAT

ITAT Grants Full Section 54 Relief Despite Joint Property Ownership

ITAT Rules No Deemed Income Under Section 43CA Where Booking Date Valuation Supports Sale Price

Multiple House Investments Eligible for Section 54 Deduction: ITAT

ITAT Deletes Rs 5.46 Crore Penalty Under Section 271G After Transfer Pricing Addition Was Quashed

ITAT Quashes Reassessment Over Approval from Wrong Sanctioning Authority