“Beneficial Provision Cannot Be Eclipsed by Procedural Formalism”: ITAT Chandigarh Grants Full Section 54 Relief Despite Joint Ownership In a significant ruling on interpretation of capital gains exemption provisions, the Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT Chandigarh) has strongly criticized the Revenue’s hyper-technical approach and reaffirmed that beneficial provisions under the Income…

Undated “Reasons to Believe” and Mechanical Approval Under Section 151 Render Reassessment Invalid: Delhi ITAT Quashes Assessment   In a significant ruling strengthening taxpayer safeguard in reassessment proceedings, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT Delhi) has quashed reassessment proceedings on the ground that: •  The “reasons to believe” recorded under Section…

Delay of Just 13 Days in Filing Form 10-IC Could Have Cost ₹5 Crore – Bombay High Court Restores Section 115BAA Benefit     In a major relief for corporate taxpayers opting for the concessional tax regime under Section 115BAA, the Bombay High Court has delivered an important judgment emphasizing that procedural delays cannot defeat…

Demolition Is Not Transfer: ITAT Visakhapatnam Upholds Section 54F Exemption Despite Subsequent Demolition of Residential Property   In a significant ruling on capital gains exemption under Section 54F of the Income Tax Act, the Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT Visakhapatnam) has held that subsequent demolition of a residential property does not…

ITAT Rajkot Delivers Landmark Ruling on Reassessment Beyond 3 Years: ₹50 Lakh Threshold Under Section 149 Cannot Be Artificially Inflated   In a significant judgment impacting reassessment proceedings across India, the Rajkot Bench of the Income Tax Appellate Tribunal (ITAT Rajkot) has held that the Income Tax Department cannot reopen assessments beyond 3 years by…