ITAT Ahmedabad held that benefit of deduction under section 54EC of the Income Tax Act allowed since nexus between advance received towards sale of property and investment made in NHAI bonds established.
ITAT Ahmedabad directs AO to grant TDS credit to Shiva Pharmachem, even with certificates under merged company’s name, provided income is assessed with the assessee.
ITAT Ahmedabad allows Rotomag Motors’ warranty claim based on a scientifically validated method, overturning CIT(A) disallowance. Case details and analysis.
ITAT Ahmedabad partially upholds CIT(A)’s decision on TCS collection under Section 206C. Analysis focuses on Form 27C delays, procedural compliance, and tax implications.
Upon further examination of the assessee’s bank statements, the Assessing Officer observed that significant funds were being transferred in and out to various parties.
The assessee is an individual and engaged in the business of retail milk selling. For the relevant AY 2012-13, the assessee did not originally file a return of income, as the total income was below the basic exemption limit under the Act.
ITAT Ahmedabad held that addition u/s. 2(22)(e) of the Income Tax Act is liable to be set aside since advance was received was merely recorded as journal entry and no sum was received by the assessee. Thus, appeal allowed.
ITAT Ahmedabad held that disallowance of interest u/s. 36(1)(iii) of the Income Tax Act not justified since the amount introduced by way of unsecured loans proved to be genuine. Accordingly, disallowance of interest deleted.
ITAT Ahmedabad restores the case involving LTCG from penny stocks to CIT(A) for a fresh evaluation, emphasizing principles of natural justice and due process.
ITAT Ahmedabad remands case to DRP, allowing appeal on the grounds of curable defects in Form 35A submitted by Rajendra Ramjibhai Patel.
