ITAT Ahmedabad ruled that reopening an assessment u/s 147 is invalid if based on general, unverified portal information lacking a “live link” to the assessee’s escaped income. Case dismissed.
Ahmedabad ITAT rules in Hanumant Pakshighar Charitable trust case, stating 80G approval cannot be denied solely for having a religious object. CIT(E) must verify if religious expenditure exceeds the 5% limit under Section 80G(5B).
Ahmedabad ITAT sets aside the CIT(E)’s rejection of the Fofaria Family Charitable Trust’s application for regular 80G approval.
The ITAT Ahmedabad upheld the deletion of a ₹1.17 Lakh addition made under Section 68 for alleged penny stock gains, ruling that the taxpayer had incurred a Short Term Capital Loss and had not claimed any exempt LTCG u/s 10(38),
ITAT Ahmedabad held that addition towards unsecured loan is liable to be deleted since assessee has duly discharged its onus of proving the genuineness of the unsecured loan with documentary evidences. Accordingly, appeal of the assessee allowed to that extent.
Proportionate expenditure against interest income might be allowed to assessee subject to assessee establishing connection between incurring of such expenditure towards earning of interest income from nationalized banks, which was a specific requirement for claim of such expenditure u/s section 57.
ITAT Ahmedabad held that law doesn’t require brought forward additional depreciation from preceding year to be set off against opening WDV of the assets. Thus, revision u/s. 263 of the Income Tax Act not sustained as order of AO not erroneous.
ITAT Ahmedabad ruled that a Co-op Society cannot claim Section 80P(2)(d) deduction on interest from Regional Rural Bank deposits, as an RRB isn’t a co-operative society after 2010.
Ahmedabad ITAT overturns a tax disallowance of Rs. 6.78 lakh in cash deposits, accepting a farmer’s claim of income from agriculture, transportation, and family savings.
Somabhai Mohandas Patel Vs ITO (ITAT Ahmedabad) The case of Somabhai Mohandas Patel vs. ITO before the Income Tax Appellate Tribunal (ITAT) in Ahmedabad involved an appeal by a taxpayer, Somabhai Mohandas Patel, against an order passed by the National Faceless Appeal Centre (NFAC) upholding the addition of ₹10,33,012 to his income. This addition was made […]
