ITAT Ahmedabad reverses Aatman Foundation’s 80G approval rejection, citing inadvertent form error and judicial precedents, remanding the case for fresh consideration.
ITAT Ahmedabad reversed the 80G approval rejection for Senior Citizen Council Gandhinagar, remanding the case due to a bona fide error in selecting the application clause.
Mumbai ITAT rules STT-paid short-term capital loss can be set off against non-STT short-term capital gains, allowing beneficial set-off for taxpayers.
Chennai ITAT grants 80G approval to Matha Medical Centre Trust, affirming that providing affordable medical services in rural areas is a charitable activity, not commercial.
Ahmedabad ITAT directs tax authorities to re-verify V N Exports’ books for demonetization cash deposits, citing prior rulings on cash sales by jewelers. A key verdict on unaccounted income.
Mumbai ITAT rules against taxing gross receipts of a trust that lost Section 11 exemption, mandating only net surplus be taxed after allowing expenses. Case remitted for re-computation.
ITAT Delhi held that assessment order passed by AO under section 153C read with section 143(3) of the Income Tax Act is passed beyond prescribed time limited. Hence, the order barred by limitation is liable to be quashed.
Mumbai ITAT quashes Rs. 30.83 lakh addition under Section 68, ruling the provision inapplicable as the assessee did not maintain books of account, citing Bombay HC precedent.
ITAT Mumbai held that income from the shareholders’ account was held to be taxable as income from life insurance business. Accordingly, income from shareholders’ account is taxable under the head “Profits and Gains of Business or Profession”. Thus, appeal of revenue dismissed.
The ITAT Delhi has overturned the disallowance of club subscription fees for Punjab National Bank, citing a Supreme Court precedent that allows such expenses as business expenditure.
