ITAT Ahmedabad held that addition u/s. 2(22)(e) of the Income Tax Act is liable to be set aside since advance was received was merely recorded as journal entry and no sum was received by the assessee. Thus, appeal allowed.
ITAT Ahmedabad held that disallowance of interest u/s. 36(1)(iii) of the Income Tax Act not justified since the amount introduced by way of unsecured loans proved to be genuine. Accordingly, disallowance of interest deleted.
ITAT Ahmedabad restores the case involving LTCG from penny stocks to CIT(A) for a fresh evaluation, emphasizing principles of natural justice and due process.
ITAT Ahmedabad remands case to DRP, allowing appeal on the grounds of curable defects in Form 35A submitted by Rajendra Ramjibhai Patel.
ITAT Ahmedabad allows appeal by Digamber Jain Trust, questioning rectification order on unexplained cash deposits for AY 2016-17, due to pending original assessment.
No requirement to prove the irrecoverability of a debt; it suffices if the debt is written off in the books of accounts: ITAT Ahmedabad in Ishan Equipments Pvt Ltd Vs DCIT
ITAT Ahmedabad excused non-compliance due to CA’s failure, remanding the case for verification of additional evidence related to cash deposits and investments.
ITAT Ahmedabad held that disallowance of interest expense by treating the same as unexplained expenditure under section 69C of the Income Tax Act needs re-verification. Accordingly, matter send back to the file of jurisdictional AO.
ITAT Ahmedabad held that the TP assessment carried out by the TPO proceeded on the basis of incorrect appreciation of nature of services availed by the assessee from its AE. Thus, issue of determination of ALP of transactions with AE restored back to TPO.
ITAT Ahmedabad directs AO to reassess Vallabh Pesticides’ loan and credit entries, emphasizing a fresh review of evidence and loan credibility under Section 68.
