Analysis of JCIT vs Gujarat Energy Development Agency verdict by ITAT Ahmedabad. Understanding implications of non-filing audit reports on Section 11 deductions.
A detailed review of Raghuvirsinh Vaghela vs ITO case where ITAT Ahmedabad ruled on the validity of compensation claims in co-ownership development agreements.
ITAT Ahmedabad decides on the legitimacy of re-assessment under section 147 without tangible proof of income escape. Explore the detailed verdict here.
ITAT Ahmedabad held that disallowance of interest under section 36(1)(iii) unsustainable as interest bearing funds were not utilized for non-business purpose and interest free advances were made in the course of business.
ITAT Ahmedabad held that provisions of section 68 of the Income Tax Act doesn’t attract as unsecured loan availed was repaid in the next financial year through cheque payments to the creditor and bank statement thereof was filed.
ITAT Ahmedabad held that treating transaction of sale of land as business income without any base which indicates that the transaction would be an adventure in the nature of trade. Hence, AO rightly treated sale of land as capital gain.
ITAT Ahmedabad deletes disallowance on leave encashment for employees in Department of Telecommunication under Section 10(10AA) of Income Tax Act. Read full order
ITAT rules no penalty u/s 271D for exceeding cash transaction limit on loans taken through Account Payee Cheques. Read the full case of Sanjaykumar Patel.
ITAT Ahmedabad rules that Section 271D penalty doesn’t sustain if a loan is accepted through banking channels, relating to A.Ys. 2013-14 & 2016-17.
ITAT Ahmedabad restored the issue to the file of CIT(E) and directed to give another opportunity of being heard to the appellant in support of his case for registration of Trust u/s. 12AB of the Income Tax Act and also directed appellant to furnish requisite documents in the matter.
