ITAT Cases Weekly Round-Up: 16 To 22 June 2024

Case Title: ITO Versus M/s. Ramachandra Setty & Sons SRS Building

The Banglore Bench of Income Tax Appellate Tribunal (ITAT) has deleted the income tax addition of Rs. 1.36 crore on alleged unaccounted sales and purchases that were solely based on loose slips.

Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT

Case Title: Suchi Agrawal Versus ITO

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that submission of Form-67 is not mandatory for availing foreign tax credit (FTC).

Purchasing Of Agricultural Land Is Outside Definition Of Capital Asset; Delhi ITAT Deletes Addition

Case Title: Mr. Ramnarayan Versus ITO

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessee has purchased agricultural land, which is outside the definition of a capital asset; therefore, the deeming provision under Section 56(2)(x) of the Income Tax Act cannot be invoked.

Income Tax Disallowance Based On Presumptions Of Earning Dividend Income In Future Is Not Sustainable: Mumbai ITAT

Case Title: Zodiac Ventures Ltd. Versus ITO

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that income tax disallowance based on presumptions of earning dividend income in the future is not sustainable.

Seized Documents Lack Information About Receipt Of Money: Mumbai ITAT Deletes Addition

Case Title: Yash Synthetics Private Limited Versus Assistant Commissioner of Income Tax

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the income tax addition of Rs. 1.61 crores on the grounds that the seized documents lack information as to date and mode of receipt of “on money.”

Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT

Case Title: Sh. Dharam Singh Versus PCIT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessment order cannot be held to be erroneous and prejudicial to the interest of revenue merely on the allegation that the Assessing Officer has not made an inquiry and verification with regard to cash deposits as well as scrap sales.

Deeming Provisions Of Section 50C Can't Be Applied For Leasehold Rights: Delhi ITAT

Case Title: Shivdeep Tyagi Versus ITO

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that deeming provisions of Section 50C of the Income Tax Act cannot be applied for leasehold rights.