ITAT Ahmedabad held that contribution under National Pension System (NPS) belatedly, however, before filing of return is allowable as deduction u/s. 43B(b) of the Income Tax Act as there is no due date prescribed for payment under NPS.
ITAT Ahmedabad held that passing of revisionary order by PCIT u/s. 263 of the Income Tax Act without giving proper and adequate opportunity of being heard to the assessee is liable to be set aside.
Certain expenses related to cost of improvement of land put forward by assessee were disallowed noting lack of proper and sufficient evidence to support claims of cost incurred for improvement of property.
ITAT Ahmedabad held that order of PCIT invoking section 263 of the Income Tax Act set aside as conditions necessary for invoking Section 263 of the Act, i.e., the order being erroneous and prejudicial to the interest of the revenue, are not satisfied.
ITAT Ahmedabad held that addition merely on the basis of retracted statement without any incriminating material seized from assessee’s premises is unsustainable in law and liable to be quashed.
ITAT Ahmedabad held the Discounted Cash Flow Method [DCF method] adopted by the assessee for valuing the CCPS is legitimate and in accordance with Rule 11UA of the Income Tax Rules. The AO cannot reject the method chosen by the assessee if it is prescribed by law.
ITAT Ahmedabad held that CIT(A) relied upon fresh submissions and additional evidence filed by the assessee, however, no opportunity was granted to AO to examine the fresh evidences. Accordingly, order set aside and remanded back for fresh consideration.
ITAT Ahmedabad held that disallowance of interest under section 14A unjustified as assessee’s own funds are far in excess of the investments made in funds yielding exempt income.
ITAT Ahmedabad held that interest income earned by the assessee (i.e. Cooperative society) from deposits with Cooperative Banks shall be allowed as deduction u/s 80P(2)(d) of the Income Tax Act.
Understand the Ahmedabad ITAT ruling that payments for certification services by foreign entities are not taxable in India without a fixed place of business. Full order analysis.
