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Low Tax Effect: ITAT Ahmedabad Dismisses Revenue Appeal
Case Law Details
- Case Name
- ITO Vs Nanalayja Power Company Ltd. (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
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ITO Vs Nanalayja Power Company Ltd. (ITAT Ahmedabad)
In ITO Vs Nanalayja Power Company Ltd., the ITAT Ahmedabad dismissed a Revenue appeal due to its non-maintainability under CBDT Circular No. 09/2024, which prescribes a monetary threshold of ₹60 lakhs for filing appeals before the Tribunal. The appeal pertained to an addition of ₹1.17 crore made by the Assessing Officer (AO) as “Income from Other Sources” under Section 56 of the Income Tax Act, 1961. This addition was based on the interest income earned by the company on temporarily parked project funds. Howe...
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