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.
ITAT Ahmedabad held that as the ownership of the land on which development rights were conferred remain vested with the landowners hence the assessee did not get the right over the income as per accrual accounting system as provided under the provisions of section 145 of the Act.
Read about the Vinod Textiles vs ACIT case where ITAT Ahmedabad discusses the claim of depreciation on a motor vehicle registered in a partner’s name.
Analysis of ITAT Ahmedabad’s decision in Mansha Textiles vs ITO case. ITAT allows interest deduction u/s 24(b) when income is receivable and approved.
Analysis of ITAT Ahmedabad’s decision in Unity Dye Chem Pvt. Ltd. vs CIT case. Penalty under section 271C not applicable if TDS non-deduction supported by Form 15G/H.
ITAT Ahmedabad’s decision in Gunvantbhai Chhitubhai Nayak vs ITO emphasizes re-adjudication of a case with due consideration of evidence, after finding the CIT(A)’s order lacking in merits.
ITAT Ahmedabad rules deduction under Section 54 of the Income Tax Act not allowable in current year. Orders reexamination for Previous A.Y. Details here.
Read the full text of ITAT Ahmedabad’s order deleting the penalty u/s 271(1)(c) for Dineshkumar Kanjibhai Patel-HUF as no concealment of particulars or inaccurate income filing found.
Explore the case Fab Engineering Pvt. Ltd. vs ITO, where ITAT Ahmedabad upheld disallowance on long-term capital loss claim from sale of company shares.
