ITAT Ahmedabad held that when application of income is more than receipts of year, excess application of income i.e., expenditure in the hands of the assessee can be carried forward to succeeding Year.
An in-depth examination of the recent ITAT Ahmedabad verdict in the DCIT vs. Shiv Build case. The ruling highlights that no disallowance under Section 40(a)(ia) can be made for the short deduction of tax, creating a precedent for future cases.
ITAT Ahmedabad held that notice issued under section 263 of the Income Tax Act in the name of a deceased person is invalid. Accordingly, order passed thereon is also invalide in the eyes of law.
ITAT Ahmedabad held that no penalty can be imposed u/s. 271(1)(c) of the Act on account of disallowance of expenses incurred for increase of authorized share capital since no penalty can be imposed when there was no willful concealment.
ITAT Ahmedabad held that addition in case of bogus purchases are restricted only to the extent of profit element involved on such purchases. Accordingly, CIT(A) correctly restricted addition to the extent of 10%.
Overview of the ITAT Ahmedabad’s decision in Babusinh P. Thakor Vs ITO case, including wrongful assessment of tax liability and the implications for future income tax assessments.
ITAT Ahmedabad held that deduction under Section 80P of Income Tax Act, 1961 not allowable on interest income earned from the nationalized banks.
ITAT Ahmedabad rules that voluntary contributions received towards a trust’s corpus by an unregistered trust under Section 12A are capital receipts and therefore, not taxable. Explore more about this landmark decision.
Detailed analysis of the ITAT Ahmedabad’s ruling in the Hari Gyan Pracharak Trust Vs DCIT case, highlighting the importance of procedural and substantive aspects of audit report filing.
ITAT Ahmedabad held that grant received under Sampoorna Gramin Swarojgar Yogna (SGSY) from Government of Gujarat and interest earned on such grant cannot be treated as revenue receipt. Accordingly, the same is not liable to be taxed.
