ITAT Ahmedabad affirms CIT(A)’s deletion of ₹12.92 crore tax addition under Section 40A(3), relying on past gross profit rates and valid agricultural purchases.
Supreme Court held that Chief Controlling Revenue Authority lacked any express statutory power to review or recall its own decision. Thus, once refund is granted by CCRA it cannot review the same and reject refund application.
In the matter abovementioned ITAT allowed appeal of the assessee by holding that assessee is eligible for claim of deduction u/s.80P(2)(a)(i) that all its income is from members.
ITAT Ahmedabad held that addition under section 56(2)(vii)(b) of the Income Tax Act without referring valuations of property to DVO as per the provisions of sec-50C of the Income Tax Act is liable to be deleted. Accordingly, appeal allowed.
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Before ITAT it was submitted by assessee that both the lower authorities have erred in deciding the appeal ex-parte. Revenue also admitted that orders of lower authorities were ex-parte.
During a reverse merger process, a private company selects and acquires a publicly listed shell corporation, which maintains its active public listing although operationally dormant. The private company acquires more than 51% of ownership in the inactive publicly traded shell company.
ITAT Chennai overrules CPC denial of exemption u/s 11 for K M Educational Trust, referencing CBDT Circular on filing ITR belatedly within allowed time.
In the matter abovementioned ITAT has remanded the matter to AO after observing that revenue has accepted the assessee’s contention in earlier and subsequent years.
