The Income Tax Appellate Tribunal rules that a charitable trust’s application for 80G approval cannot be rejected for a mere clerical error in the form. The decision directs a merits-based review.
Ahmedabad ITAT rules in favor of a charitable trust, overturning the CIT(E)’s rejection of its 80G(5) application. The court found that a clerical error in the form was a technical mistake and should not be a basis for rejection without a merits review.
ITAT Ahmedabad dismisses an income tax appeal, ruling that an entire cash payment for land could not be taxed as an unexplained investment.
ITAT Ahmedabad rules that a charitable organization’s application for tax exemption cannot be rejected solely due to a technical error in form submission without a hearing.
ITAT Ahmedabad dismissed the Revenue’s appeal, ruling that a taxpayer’s sale of agricultural land is not subject to capital gains tax, regardless of the buyer’s later use.
ITAT Ahmedabad partly allows Rotomag Enertec Ltd.’s appeal, deleting disallowances on foreign commission, warranty provision, and Section 14A. Learn more.
ITAT Ahmedabad held that addition of LTCG u/s. 68 of the Income Tax Act by treating transaction as bogus cannot be sustained since shares were sold via recognized stock exchange and Security Transaction Tax [STT] duly paid and assessee’s involvement in manipulation of price not pointed.
ITAT Ahmedabad partially upholds PCIT’s revision in Torrent Investments case, focusing on Sec 14A disallowances while ruling on capital loss and CSR deductions.
ITAT reaffirmed that goodwill is a depreciable intangible asset and clarified that amendments under Finance Act operate prospectively, not retrospectively.
ITAT Ahmedabad sets aside PCIT’s Section 263 revision against HN Safal; holds disallowance under Section 14A not automatic and lacks legal justification.
