ITAT Ahmedabad held that delay in furnishing Form No. 10B is procedural lapse hence it cannot be sole reason for denial of exemption under section 11 of the Income Tax Act. Accordingly, delay in filing 10B condoned and exemption granted.
The ITAT Ahmedabad has remanded a capital gains tax case for reconsideration, citing a need for proper verification of the property’s sale consideration and stamp duty valuation.
The NCLAT has rejected an appeal by Technio Business Solutions, citing a lack of credible reasons for a 172-day delay in refiling. The court found the explanations to be baseless.
The ITAT Ahmedabad has remanded the case of Takshashila Education And Charitable Trust back to the CIT(E) for a fresh hearing, setting aside an ex-parte order.
Tribunal confirmed CIT(A)’s view that alleged accommodation loans were not supported by bank statements. Reopening and addition u/s 69A struck down; Revenue’s case dismissed.
In the case of Heena Parthiv Thakkar vs ADIT the ITAT Ahmedabad allowed an assesses appeal granting a claim for additional depreciation on new plant and machinery. The tribunal decision addressed the disallowance of depreciation emphasizing that eligible statutory allowances should be granted even if not claimed initially due to a bonafide mistake.
The Ahmedabad ITAT has invalidated a reassessment order against Pravinbhai Jethabhai Patel, citing the Income Tax Department’s failure to issue a mandatory notice.
The ITAT Ahmedabad has remanded a penalty case for Co.op Credit Society, directing the AO to pass a new order only after the related quantum appeal is finalized.
The ITAT Ahmedabad condoned a 1890-day delay and remanded a case to the AO, directing the recalculation of capital gains for a co-owner by considering the DVO’s valuation and the indexed cost of acquisition.
The ITAT Ahmedabad has ruled that the Finance Act 2022 amendment, which removed the one-year extension for trust income utilization, applies prospectively, not retrospectively.
