https://www.taxtmi.com/caselaws?id=445607 The ITAT Patna ruled on multiple issues in favor of the assessee. The tribunal deleted the notional rent addition imposed by AO following Rent Controller's order, noting consistent treatment with co-owner's case. Regarding assessment validity, ITAT held that assessment under section 143(3) was proper despite AO's attempt to rectify under section 154. The tribunal declared reassessment proceedings null and void due to non-issuance of mandatory notice under section 143(2), citing Hotel Blue Moon SC precedent. Capital gains addition was deleted as sale deed was cancelled due to dishonored cheques. Section 68 addition was removed since provisions don't apply to loans from earlier years. Deductions under sections 54F and 54EC were upheld, and profit estimation was deleted as AO lacked supporting evidence. en-us Tue, 07 Nov 2023 00:00:00 +0530 Fri, 10 Nov 2023 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445607 The ITAT Patna ruled on multiple issues in favor of the assessee. The tribunal deleted the notional rent addition imposed by AO following Rent Controller's order, noting consistent treatment with co-owner's case. Regarding assessment validity, ITAT held that assessment under section 143(3) was proper despite AO's attempt to rectify under section 154. The tribunal declared reassessment proceedings null and void due to non-issuance of mandatory notice under section 143(2), citing Hotel Blue Moon SC precedent. Capital gains addition was deleted as sale deed was cancelled due to dishonored cheques. Section 68 addition was removed since provisions don't apply to loans from earlier years. Deductions under sections 54F and 54EC were upheld, and profit estimation was deleted as AO lacked supporting evidence. Case-Laws Income Tax Tue, 07 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445607