ITAT Ahmedabad rules on the treatment of cash receipts from sale of gold/gold ornaments in case of Abhishek Prakashchand Chhajed Vs ITO.
ITAT Ahmedabad held that gratuity premium paid to LIC was to be treated as business expenditure and the same is allowable under section 37(1) of the Income Tax Act.
Learn about Shell Global Solutions International BV vs. DCIT case. Non-residents providing services outside India for foreign clients aren’t subject to Section 9 tax.
ITAT Ahmedabad held that corpus donations are capital in nature and hence cannot be added to the income of the assessee and hence not taxable.
ITAT Ahmedabad held that the applicability of Section 14A is triggered when the shares are held as ‘stock-in-trade’ and by virtue of section 10(34) dividend income is not to be included in total income and is exempt from tax.
ITAT Ahmedabad held that Department has brought nothing on record to prove that the assessee was involved in price rigging of the instant share or that any form of cash had flown back to the assessee. Accordingly, addition on account of bogus capital gain by sale of shares unjustified.
ITAT Ahmedabad held that the assessee is engaged in development of the infrastructure facility and therefore, a developer, which confers right of eligibility to the assessee to claim benefits u/s. 80IA(4) of the Income Tax Act. Mere referring assessee as a contractor in the agreement cannot deprive assessee from claiming deduction u/s. 80IA(4).
ITAT Ahmedabad held that government grants received in lieu of FRP i.e. Financial Restructuring Plant is not required to be reduced from the cost of capital assets. Accordingly, reopening of assessment unjustified.
ITAT Ahmedabad directs readjudication of ex-parte assessment orders passed without considering additional evidence filed under Rule 46A of Income Tax Rules.
In a case involving Section 12AB registration denial, the ITAT orders re-adjudication due to non-consideration of submissions by the trust.
