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

Income Tax Addition On Unaccounted Sales And Purchases Can't Be Solely Based On Loose Slips: ITAT BangaloreCase Title: ITO Versus M/s. Ramachandra Setty & Sons SRS BuildingThe 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 ITATCase Title: Suchi Agrawal Versus ITOThe 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 AdditionCase Title: Mr. Ramnarayan Versus ITOThe 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 ITATCase Title: Zodiac Ventures Ltd. Versus ITOThe 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 AdditionCase Title: Yash Synthetics Private Limited Versus Assistant Commissioner of Income TaxThe 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 ITATCase Title: Sh. Dharam Singh Versus PCITThe 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 ITATCase Title: Shivdeep Tyagi Versus ITOThe 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.

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

Mariya Paliwala

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