Learn how the ITAT, in the Jitudan Ravatdan Gadhvi vs. ITO case, condoned a delay in appeal and overturned a best-judgment assessment, finding that the taxpayer’s cash deposits were a legitimate part of his business operations.
The ITAT in Kolkata set aside a ₹9.32 crore tax addition on share sales by Superdeal Resources, ruling that well-documented transactions are not bogus. The order underscores the need for substantive evidence over suspicion.
The ITAT in Kolkata ruled that tax claims cannot be denied on technicalities when documentation is on record. The case of Ambika Metaliks highlights the importance of fairness.
In a key decision, ITAT Ahmedabad set aside a ₹6.51 crore tax demand against a government-funded educational society, holding that procedural lapses do not defeat a substantive right to exemption when all eligibility conditions are met.
In the case of Chandrakant Atmaram Acharya, the ITAT deleted a Rs.10.80 lakh addition for unexplained investments but imposed a Rs.5,000 cost on the taxpayer for non-cooperation with the tax department.
The ITAT Ahmedabad ruled that the amendment to Section 11(3)(c) by the Finance Act 2022, which reduced the accumulation period for trusts, is prospective. The court granted relief to Sarangpur Talia’s Pole Punch Trust, confirming its right to a six-year window for pre-amendment accumulations.
The ITAT Ahmedabad bench has set aside an order by the CIT(E) that denied 80G approval to a charitable trust, ruling that the matter requires fresh examination.
The ITAT Mumbai ruled in the case of Motilal Oswal Financial Services that while the AO had validly recorded satisfaction for invoking Rule 8D, the disallowance under Section 14A cannot exceed the actual exempt income, setting a crucial precedent for income tax assessments.
The ITAT Raipur ruled that unpaid VAT and Service Tax not claimed as a deduction in the P&L account cannot be disallowed under Section 43B, upholding a change of opinion as invalid.
Srijan Charitable Trust Vs ITO (Exemption) (ITAT Kolkata) Background Srijan Charitable Trust, registered u/s 12A, filed return of income for AY 2011-12 declaring nil income. The case was reopened u/s 147 based on a survey u/s 133A (27.01.2015) in the case of Herbicure Health Care Bio-Herbal Research Foundation, whose director admitted that donations given by […]
