ITAT Ahmedabad held that interest income earned from the FDRs, which were created as part of the financing arrangement for the infrastructure project, qualifies as business income derived from the eligible business under Section 80-IA(4) of the Act.
ITAT Ahmedabad held that dismissal of appeal due to non-prosecution without adjudicating the issue on merits deprives the assessee of fair opportunity of being heard hence violating the principles of natural justice.
The assessee filed the return of income declaring a total income of Rs. Nil. However, AO completed the assessment u/s. 143(3) read with Section 144B determining the assessed income at Rs. 3,37,97,789/-.
ITAT Ahmedabad held that dismissal of appeal by CIT(A) on technical/ procedural aspect merely because the appeal was filed manually instead of e-filing unjustified as assessee was not given an opportunity to cure the defect. Accordingly, appeal restored back.
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.
