The ITAT Ahmedabad ruled in favor of Shree Swaminarayan Bhagwan, a religious trust, exempting a gold donation from tax under Section 11(1)(d) of the Income Tax Act. The gold donation was utilized for the creation of an art gallery, thereby qualifying as corpus donation.
ITAT Mumbai held that disallowance of Director’s education expenditure u/s 37(1) of the Income Tax Act sustained as assessee failed to prove such expenditure had direct relationship with the business activity. Accordingly, assessee failed to prove that expenditure were incurred wholly and exclusively for business.
The ITAT Mumbai ruled that no legal suit or proceeding can continue against a corporate debtor until the conclusion of proceedings under the Insolvency and Bankruptcy Code (IBC) 2016.
ITAT held that the assessing officer’s use of Section 154 before 12.10.2022 to disallow EPF and ESI contributions was not justified, as the issue was debatable and there were conflicting views and such views.
Exploring recent decision of ITAT Mumbai in Rasik Nemchand Pethad Vs DCIT where it was determined that Section 271B penalty doesn’t apply when there’s reasonable cause for failure to comply with provisions.
Learn about the significant ruling of ITAT Ahmedabad in the case of Ankit Ashok Savla Vs ITO regarding the non-disallowance of interest expenses under Section 57 of the Income Tax Act.
Explore the recent judgement of ITAT Pune in the case of Rupa Sanjay Nigade Vs ITO, where the Tribunal upheld the imposition of penalty under Section 271B due to non-audit of books of accounts.
ITAT Pune held that as per third proviso to section 56(2)(vii)(b), where the stamp value of the immovable property is disputed by the assessee on the ground mentioned in section 50C(2), the AO may refer the valuation of such property to the Valuation Officer. Accordingly, matter remanded.
An in-depth analysis of the Income Tax Appellate Tribunal (ITAT) Pune’s decision allowing cooperative societies to claim a tax deduction for interest income on surplus funds deposited in cooperative banks and scheduled banks under Sections 80P(2)(a)i) and 80P(2)(d) of the Income Tax Act.
ITAT Mumbai held that as conditions in second proviso to section 56(2)(vii)(b) satisfied, stamp duty as on the date of agreement would be compared with agreement value. Accordingly, since the stamp duty value is less than the agreement value, addition unsustainable.
