ITAT Ahmedabad confirms that a belated return does not prevent the carry-forward of unabsorbed depreciation under Section 32(2), a rule distinct from carry-forward of business losses.
The ITAT ruled that the PCIT’s revision order was invalid as the AO had already examined the assessee’s agricultural income claim, thus not acting erroneously.
The ITAT Ahmedabad has ruled that the PCIT cannot initiate a revision to an assessment order based on issues that fall outside the scope of a limited scrutiny.
ITAT Ahmedabad ruled that advance tax is only payable on undisputed income, not on disputed additions. A lack of advance tax payment cannot be a precondition for an appeal.
ITAT Cochin sent a case back to the tax officer for review. The Tribunal ruled that cash payments made on Sundays and public holidays may be exempt from disallowance under Section 40A(3), per Rule 6DD.
ITAT Ahmedabad rules that for AY 2017-18, a cooperative society can claim Section 80P deduction even with a belated return, as the law at the time did not bar such claims.
ITAT Ahmedabad allows a co-operative society to deduct interest earned from co-operative bank deposits under Section 80P, clarifying its distinction from other bank types.
ITAT Ahmedabad deletes an addition made to a non-profit society’s income, ruling that an Assessing Officer cannot rely solely on an investigation report without corroborating evidence.
The ITAT has deleted a Rs. 4.67 crore addition to B. Chokshi Chem Pvt. Ltd.’s income, ruling that the sales were not bogus as the basis for the addition was unsubstantiated.
ITAT Ahmedabad ruled that a property’s valuation, once fixed by a Departmental Valuation Officer for a co-owner, must be applied to other co-owners of same property.
