While allowing deduction u/s 54 of the Income tax Act, the New Delhi ITAT explained that under the light of section 54, exemption of capital gain from being charged to income tax as income of the.
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the CIT(A) has no power to dismiss an appeal on account of non-prosecution.The bench of Challa Nagendra Prasad (Judicial Member).
While deleting the addition on account of unexplained investment, the New Delhi ITAT clarified that genuineness and veracity of the party cannot be doubted merely because the cold storage rent was.
On finding that CIT(A) has failed to consider all submission of assessee and evidences placed on record, the New Delhi ITAT restored the matter back to file of AO for fresh adjudication regarding the.
While holding that filing of audit report in Form 10CCB before the due date for filing of return of income u/s 139(1) of the Income Tax Act, 1961 is only directory and not mandatory for the year under.