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ITAT Ahmedabad

Latest Posts in ITAT Ahmedabad

No Section 68 addition when identity, creditworthiness & genuineness of investors established

May 24, 2024 759 Views 0 comment Print

Kuna Impex Pvt. Ltd. vs. DCIT – ITAT Ahmedabad allowed assessee’s appeal, holding that assessee had provided sufficient details regarding identity and creditworthiness of shareholders.

Loss on Government Securities Sale & Depreciation: ITAT allows Bank’s Claim

May 14, 2024 414 Views 0 comment Print

ITAT Ahmedabad allows a bank’s loss on the sale of government securities and depreciation, citing regulatory compliance and business activity.

ITAT upholds disallowance of expenses on gifts, travel facilities & sponsorships for doctors

May 12, 2024 351 Views 0 comment Print

ITAT upholds disallowance of expenses incurred by Torrent Pharmaceuticals Ltd. on gifts, travel facilities, and sponsorships for doctors in accordance with the Supreme Court’s ruling and the CBDT circular.

Section 154 Rectification Time Limit Begins Upon Assessee’s Receipt of Order

May 12, 2024 705 Views 1 comment Print

ITAT held that time limit for filing rectification applications starts only when assessee is aware of order passed, not from date of order itself. Since there was no proof of intimation being served on assessee, time-barred argument by tax authorities was dismissed.

Rejection of Section 80G Grant for Procedural Lapse Unacceptable: ITAT Ahmedabad

May 10, 2024 2898 Views 0 comment Print

Rejection of grant under Section 80G merely on procedural lapse by making application under Section 80G(5)(ii) inadvertently instead of Section 80G(5)(iii) by assessee is not acceptable: ITAT Ahmedabad

CIT(A) Can’t Delete Disallowance Solely on Taxpayer’s Claims without dealing with AO’s Findings

May 8, 2024 285 Views 0 comment Print

Detailed analysis of ITAT Ahmedabad’s order regarding CIT(A)’s authority to delete disallowance without considering AO’s findings under Income Tax Act, 1961.

Consider Volume Discount & Geographic Price Variation in TP Adjustment: ITAT Ahmedabad

May 8, 2024 180 Views 0 comment Print

Ahmedabad ITAT’s order in Atul Limited vs DCIT case discusses TP adjustments, volume discount, geography adjustments, and more. Detailed analysis provided.

Ahmedabad ITAT Clarifies Letter of Credit vs. Bank Guarantee in Transfer Pricing Dispute

May 8, 2024 744 Views 0 comment Print

In a detailed analysis of Axis Bank Limited Vs ACIT case, Ahmedabad ITAT explains the difference between a Letter of Credit and Corporate Guarantee, resolving disallowance disputes.

Interest Allowable Despite Lower Rates on Loan Given Than Loan Taken

May 7, 2024 1050 Views 0 comment Print

ITAT Ahmedabad allows Interest expenses even if interest rate charged by the assessee on loans given was lower than the rate paid on loans taken, thus disallowing the excess interest paid. Tribunal held that the only requirement for claiming expenses under Section 57(iii) is that they must be incurred wholly and exclusively for the purpose of earning income from other sources. 

Section 40A(2)(b) cannot be invoked if no excessive or unreasonable payment

May 6, 2024 411 Views 0 comment Print

Explore the intricacies of Section 40A(2)(b) with insights from the M S Hostel Vs DCIT case. Learn why salary disallowance requires thorough examination of fair market value and legitimate business needs.

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May 2024