ITAT Ahmedabad held that delivery-based share transactions shown as investments in books could not be treated as business income without supporting evidence. The Tribunal upheld capital gains treatment for both STCG and LTCG.
The Ahmedabad ITAT held that goodwill arising from a High Court-approved amalgamation qualified as an intangible asset eligible for depreciation under Section 32(1)(ii). The Tribunal followed earlier decisions in the assessee’s own case.
ITAT Ahmedabad held that reassessment based solely on search material seized from a third party must be initiated under Section 153C and not Sections 147/148. The Tribunal quashed the reassessment for lack of jurisdiction and absence of a mandatory satisfaction note.
ITAT Ahmedabad held that depreciation on goodwill arising from amalgamation was allowable for assessment years prior to AY 2021-22. The Tribunal ruled that amendments excluding goodwill from depreciable assets operate prospectively.
The Tribunal held that mere disallowance of deduction claimed under Section 80GGC does not automatically amount to misreporting of income. It deleted the penalty as there was no evidence of false particulars or fabricated documents.
The Tribunal held that the enhanced exemption limit of ₹25 lakh under CBDT Notification No. 31/2023 applies to leave encashment claims under Section 10(10AA)(ii). Full exemption of ₹10.15 lakh was allowed to the retired SBI employee.
The Tribunal ruled that a clerical mistake in quoting TAN cannot result in denial of TDS credit when Form 16 and Form 26AS clearly establish tax deduction. The decision emphasizes substance over procedural technicalities.
The Tribunal ruled that mere observations about cash transactions are insufficient to levy penalty under Section 271D. A specific finding establishing contravention of Section 269SS is mandatory before imposing penalty.
The Tribunal held that entries found in third-party ERP software during a search cannot alone justify unexplained investment additions under Section 69. Absence of corroborative evidence led to deletion of the entire addition.
The Tribunal held that reassessment proceedings were invalid where the Assessing Officer ignored the assessees detailed response and documentary evidence. ITAT ruled that such action violated principles of natural justice and reflected non-application of mind.
