Held that interest earned out of the fixed deposit made from the surplus funds being not connected to the manufacturing activity and do not form an integral part of the profits derived from industrial unit is not eligible for deduction
Held that in case there are two possible views and the AO has taken one of the possible views, no action to exercise powers of revision can arise.
Held that addition, only on the basis of information received from investigation wing ignoring all the evidences filed by the assessee, is unsustainable in law
Held that as the assessee had complied sufficiently the requirement of law as stipulated in section 80IB(10) of the Act and as per the said provision it was bound to complete the building project before 31.03.2012. Deduction u/s 80IB(10) allowed.
Held that when there is a delay, a late fee u/s 234E and 200A of the Act is automatic and there is no discretion not to levy late fees with the TDS Officer.
Held that even after amendment to the object clause, there is absolutely no change to the purpose and object of the trust. Cancellation of the registration granted u/s 12A unjustified.
Held that assessee can claim remaining 50% depreciation in subsequent year in case where machinery and plant being acquired and put to use for less than 180 days in the previous year, the depreciation was restricted to 50%.
Held that AO correctly estimated the income of the assessee at 1% of the total transactions of cricket betting as found recorded in the laptops seized
Held that undisputable the cash sales and details thereof is provided, VAT payment on such cash sales is also submitted. As the cash sales is not disputed by the department, adding the same as unexplained cash deposit unsustainable
Ahmedabad ITAT dismisses Ambica Trust’s appeal as it failed to electronically file Form 10B for exemptions under sections 11 and 12 of the Income Tax Act.
