The ITAT Ahmedabad ruled in favor of Shree Swaminarayan Bhagwan, a religious trust, exempting a gold donation from tax under Section 11(1)(d) of the Income Tax Act. The gold donation was utilized for the creation of an art gallery, thereby qualifying as corpus donation.
Learn about the significant ruling of ITAT Ahmedabad in the case of Ankit Ashok Savla Vs ITO regarding the non-disallowance of interest expenses under Section 57 of the Income Tax Act.
ITAT Ahmedabad held that Pr.CIT’s view that entire cash deposits during demonetization is to be treated as unexplained, is contrary to the facts on record, as assessee has demonstrated the factum of huge turnover prior to and post demonetization. Accordingly, Pr.CIT’s finding of error in AO’s order is based on incorrect appreciation of facts and accordingly revisionary jurisdiction u/s 263 unsustainable.
ITAT Ahmedabad held that disallowance of revenue expenditure treating it as capital merely on the basis of description of the expenditure without any substantive record is unsustainable.
A discussion on ITAT Ahmedabad’s ruling condoning the late filing of an appeal due to the negligence of the tax practitioner, in the case of Sanjeev Harshadrai Sheth Vs ITO.
In Jayshree Kamleshkumar Patel vs ITO, ITAT Ahmedabad overturned an ex-parte order due to non-compliance with notice service preferences outlined in Form No. 35.
ITAT Ahmedabad held that post amendment to section 40(a)(ia) of the Income Tax Act, as introduced vide Finance (No.2) Act, disallowance on account of non-deduction of TDS is restriction to 30% of the expenditure as against 100%.
ITAT Ahmedabad case between Standard Radiators Pvt Ltd and ACIT, involving an inaccurate income penalty dispute related to interest expense misclassification
This case revolved around purchase of a property from twenty co-owners, where assessee was treated in default for non-deduction of TDS. Assessee argued that demand resulted in double taxation as taxes already been paid.
ITAT Ahmedabad held that in the proceedings under section 153A of the Act, the assessment can only be made based on incriminating materials found/ collected during the search from the premises of the assessee. Addition unsustainable no material of incriminating nature was found from the premises of the assessee.
