ITAT Ahmedabad overturns ex parte order against Takshashila Realties Pvt Ltd due to non-receipt of notices, remands case for fresh consideration.
ITAT remands Ganpat Vidhyanagar Uma Parivar Trust’s case to JAO for reconsideration after CIT(E) condones delay in filing Forms 10B and 9A.
The ITAT Jaipur ruled in ACIT vs Naresh Jain, addressing Section 115BBE, unexplained income, and the benefit of telescoping in tax assessments.
ITAT Ahmedabad held that claim of exemption u/s. 10(38) on sale of shares rightly disallowed as assessee failed to prove genuineness of transaction and long-term capital gain on sale of shares was an arranged affair to convert its own unaccounted money.
ITAT Delhi held that penalty under section 270A of the Income Tax Act not leviable since income assessed and income processed are same. Accordingly, in absence of under reporting of income, no penalty can be levied.
ITAT Delhi held that External Development Charges (EDC) is an advance collected to provide common facilities and other services to the prospective flat owners. Since, the same is collected on approval of HUDA, it cannot form part of Profit and Loss Account. Accordingly, addition towards the same rightly deleted.
ITAT Delhi held that agriculturist are not required to maintain books of accounts as provisions of section 44AA of the Income Tax Act. Accordingly, exemption claim u/s. 10(1) allowed.
ITAT Chandigarh ruled on Ashish Sood Vs DCIT case, deciding whether Foreign Tax Credit is eligible when Form 67 is filed after due date but before assessment.
ITAT Delhi held that Rule 128(9) nowhere debars claim of Foreign Tax Credit on account of delay in furnishing Form No. 67. The provisions contained under Rule 128(9) are directory and accordingly, allowed the credit of FTC.
ITAT Ahmedabad ruled on tax treatment for Smt. Pashiben Prajapati Trust, clarifying the application of Section 164 and deductions under Chapter VI-A.
