ITAT Ahmedabad held that since the assessee, being an agriculturist was not well versed with tax proceedings, was unable to file required documents against addition on account of unexplained cash credit u/s. 69A of the Income Tax Act before AO.
Since the reason for the delay seemed genuine, it was condoned. It was held that assessee had not given the explanation as to why assessee did not appear before AO and file the details of source of the deposits within the stipulated time.
PCIT was of the view that the export incentives and other income claimed by the assessee were not eligible for the exemption u/s. 10AA. PCIT was of the view that the assessee had claimed excess exemption under Section 10AA by a sum of Rs. 7,08,83,828.
ITAT Ahmedabad held that delay of 244 days in filing of an appeal caused due to genuine hardship faced by the assessee is condonable. Accordingly, delay condoned due to bona fide reason being demonstrated.
ITAT Ahmedabad held that that the activities / services do not qualify as stewardship / shareholder activity. Further, assessee correctly determined Arm’s Length Price in respect of management fees by using Transaction Net Margin Method i.e. TNMM.
ITAT Ahmedabad held that denial of exemption u/s. 11 by CPC in the rectification petition not justified since the same was allowed in earlier proceeding and it is settled position of law that debatable issues cannot be done in rectification proceedings.
ITAT Ahmedabad allowed revenue’s appeal by concluding that approach of CIT(A) in singularly dismissing each piece of evidence, we find, is totally incorrect. Accordingly, matter restored back to CIT(A) to adjudicate the matter of bogus accommodation entry afresh.
ITAT Ahmedabad held that passing of order by CIT(A) without taking into account the submission made by the assessee is not sustainable in law. Accordingly, matter remitted back to the file of CIT(A).
ITAT Ahmedabad held that interest income earned from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, the appeal is allowed.
ITAT Ahmedabad held that delay in the completion of construction of the house will not be a bar to the assessee for claiming the exemption provided u/s.54F of the Income Tax Act. Accordingly, deduction granted.
