ITAT Ahmedabad held that disallowance of interest expense by treating the same as unexplained expenditure under section 69C of the Income Tax Act needs re-verification. Accordingly, matter send back to the file of jurisdictional AO.
ITAT Ahmedabad held that the TP assessment carried out by the TPO proceeded on the basis of incorrect appreciation of nature of services availed by the assessee from its AE. Thus, issue of determination of ALP of transactions with AE restored back to TPO.
ITAT Ahmedabad directs AO to reassess Vallabh Pesticides’ loan and credit entries, emphasizing a fresh review of evidence and loan credibility under Section 68.
ITAT Ahmedabad upholds CIT(A)’s ruling dismissing Revenue’s appeal on unexplained cash credits. Genuineness confirmed in remand report for A.Y. 2016-17.
ITAT Ahmedabad allows registration under section 12AB, clarifying that section 13(1)(b) applies only at the assessment stage.
ITAT Ahmedabad held that AO and CIT(A) confirmed the addition since there was non-compliance on the part of the assessee. Thus, one more opportunity granted to the assessee to present its case however with a direction to deposit INR 2000 to the Prime Minister’s Relief Fund.
ITAT Ahmedabad held that AO allowed the deduction under section 80P(2)(a)(v) of the Income Tax Act without adequate inquire. Accordingly, revisionary jurisdiction u/s. 263 rightly invoked as order passed by AO was erroneous and prejudicial to interest of revenue.
ITAT Ahmedabad held that Form No. 35A signed by the Authorized Representative is only an irregularity which is curable u/s. 292B of the Income Tax Act and not an illegality. Thus, order set aside with a direction to pass order on merits.
ITAT Ahmedabad held that taxation must be based on income that has actually accrued or arisen. Thus, addition towards decentralized grants merely routed assessee and simply transferred to other government agencies as per GOG’s directions is unsustainable.
ITAT Ahmedabad held that addition towards bogus purchases made without proper verification of facts but just on the basis of suspicion, surmises and unverified information unjustified and liable to be deleted.
