ITAT Quashes Rs 40 Million Income Addition for Non-Resident

16 Feb 2024 CW Team

In a significant development, the Income Tax Appellate Tribunal (ITAT) has overturned the addition of Rs 40 million in the hands of a non-resident individual. The tribunal upheld the validity of the agreement value of a flat, marking a crucial win for the taxpayer.

The case revolved around the assessment of the non-resident individual's income, with the tax authorities initially adding Rs 40 million to the declared income. However, the ITAT's decision has set a precedent by quashing this addition and affirming the legitimacy of the flat's agreement value.

This verdict carries substantial implications for both non-resident taxpayers and tax authorities. It emphasizes the importance of accurately assessing and validating income additions, reinforcing the need for a meticulous approach in such matters.

The ITAT, in its detailed judgment, highlighted key aspects of the case, including the scrutiny of the agreement value of the flat. The tribunal found the agreement value to be in accordance with legal provisions, rejecting the contention that led to the initial income addition.

Experts predict that this decision will have a ripple effect on similar cases, prompting a reevaluation of income additions for non-resident individuals. The ruling underscores the significance of adhering to legal parameters and conducting thorough assessments before making income adjustments.

The taxpayer's legal representatives lauded the ITAT's decision, emphasizing the importance of fair and transparent tax assessments. This outcome reinforces the principle that tax disputes should be resolved judiciously, considering the intricacies of each case.

Infrastructure Urban

10 Apr 2026

Güntner Showcases Cooling Tech at China Expo

Güntner showcased its latest refrigeration and air conditioning innovations at China Refrigeration 2026, highlighting digital intelligence and carbon-neutral solutions.The company presented its aicore™ Controls and IoT platform, designed to optimise energy consumption, enable remote monitoring and enhance lifecycle management of cooling systems. The solution integrates advanced controllers and cloud-based capabilities to improve operational efficiency and reduce energy use.Güntner also demonstrated advancements in heat pump technologies, including its role in projects such as the Ordos Zer..

Superb Realty Ties Up with Praan for AI Air Tech

Superb Realty has partnered with Praan to deploy AI-powered autonomous air infrastructure across over one million sq ft of real estate in Mumbai, marking a significant move towards intelligent indoor environments.The rollout will begin at Superb Altura and expand across upcoming residential and mixed-use developments. The initiative aims to integrate real-time sensing, adaptive purification and AI-led optimisation to improve indoor air quality and occupant experience.Praan’s technology is designed to remove ultrafine particles significantly smaller than conventional systems and eliminate har..

DAAKit Raises $138,000 in Pre-Seed Round

DAAKit has raised $138,000 in a pre-seed funding round led by Inflection Point Ventures to expand its hyperlocal fulfilment network and strengthen technology capabilities.The company plans to use the funds to launch 25 new dark stores across Tier I and Tier II cities, enhance its technology infrastructure, and expand its leadership and operations teams. Currently operational in Delhi, Gurugram, Mumbai, Bengaluru and Kolkata, DAAKit is also piloting expansion into Tier II markets through Lucknow.Built on an asset-light, technology-driven model, the platform enables brands to position inventory ..