ITAT Kolkata rules the Finance Act 2022 amendment to Section 14A is prospective. Disallowance for expenses related to exempt income is limited to investments that yield dividends for Assessment Year 2017-18.
Discover why Rajkot’s ITAT granted 80G approval to Kabir Kirti Mandir Kashi, ruling that a trust’s religious objects don’t override its charitable purpose.
ITAT Pune dismisses an assessee’s appeals, confirming that interest on borrowed capital used to compensate tenants for relinquishing their rights is not deductible under Section 24(b) of the Income Tax Act.
ITAT restores a tax exemption case for the Secretary UP Sainik Purasvas Nidhi to the AO to verify if it met the Form 9A requirement, and rule accordingly.
The ITAT has ruled in favor of Shri Bhola Food Products, deleting a Rs. 2,50,000 interest disallowance that was arbitrarily estimated without legal justification.
ITAT Ahmedabad provides tax relief to Nirma Ltd., holding sales tax subsidy as a capital receipt, allowing 80IA deduction and depreciation on goodwill.
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.
