ITAT, Ahmedabad in Joshi Technologies International Inc. v. ADIT held that oil wells are plant and machinery, and accordingly, higher depreciation would be allowed
ITAT Ahmedabad held that interest paid on money borrowed for the purpose of business is allowable as business expenditure.
ITAT Ahmedabad held that penalty under section 271D of the Income Tax Act leviable for contravention of provisions of section 269SS on failure to establish any reasonable cause for taking cash loans.
ITAT Ahmedabad, in Kunvarji Fincorp Vs DCIT held that denial of TDS credit due to assessee’s mistake or misunderstanding is impermissible
ITAT, held that if assessee voluntarily declares income during a survey and later includes it in their regular income tax return, no penalty under Section 271(1)(c) can be imposed.
ITAT Ahmedabad held that as the revenue from selling of bandwidth business of the assessee is shared between the assessee and its parent company, profits eligible to deduction under section 80IA(4)(ii) of the Income Tax Act is reducible.
Bad debts Adjustment against previously created provisions constitutes actual writing off of bad debts in books of accounts & Allowable
ITAT Ahmedabad held that deduction under section 80P of the Income Tax Act disallowed as assessee filed return belatedly.
ITAT Ahmedabad held that penalty under section 271D of the income Tax Act not leviable as reasonable cause for violation of provisions of section 269SS duly demonstrated.
ITAT Ahmedabad held that draft assessment order u/s 143(3) read with section 144C of the Income Tax Act passed on a non-existent company is null and void.
