ITAT Ahmedabad held that disallowance of deduction claimed under section 80IB(10) of the Income Tax Act rightly deleted as delay in BU was due to dispute of jurisdiction between AMC and AUDA. Accordingly, following judgement of Jurisdictional HC and SC disallowance rightly deleted.
ITAT Ahmedabad deleted disallowance of sales promotion expenditure since disallowance constitutes small percentage as compared to turnover of the assessee and also there is no allegation of expenditure incurred in cash.
ITAT Ahmedabad condoned the delay of 611 days in filing of an appeal considering the fact that the assessee is a layperson with limited familiarity with the intricacies of the e-portal system.
Thus all the provisions relied upon by the Ld. AO would apply only in a case where an “asset” is “transferred” in the course of “amalgamation” by “transferor company” to the “transferee company” and would not apply when a particular “asset” is a “result” of amalgamation.
PCIT was of the view that mere process of compression of natural gas cannot be considered to be a manufacturing activity for the purpose of claim of additional depreciation.
ITAT Ahmedabad held that disallowances on account of excess contribution to PF deleted since the same didn’t exceed 27% of the salary and wages in terms of rule 87 of the Income Tax Rules. Accordingly, appeal allowed to that extent.
Since the Revenue has not brought anything on record to controvert the findings of Ld. CIT(A), we don’t find any reason to interfere with his order. The ground taken by the Revenue is dismissed.
ITAT Ahmedabad held that addition u/s. 69 of the Income Tax Act towards unexplained investment unsustainable since assessee had explained the source of investment in FDs as being from his FD/OD account.
AO observed that there was substantial undisclosed income, as the assessee admitted to unaccounted business income amounting to Rs.3,50,04,000/- during the search proceedings but did not file a return for the assessment year 2014-15.
The assessee filed its original return of income which was taken for scrutiny assessment and regular assessment order under section 143(3) of the Act was passed on 29-12-2011.
