Tribunal held that 2022 amendment to Section 11(3) applies prospectively, allowing trusts to utilise past accumulations within six years under old law. Additions made under Section 115BBI were deleted.
The ITAT Ahmedabad has remanded a case involving the Narayan Cultural Mission, which was denied Section 80G approval due to alleged excessive religious expenditure.
The Income Tax Appellate Tribunal (ITAT) Ahmedabad has dismissed a Revenue appeal, affirming that a real estate developer was correctly allowed to claim a project loss.
The Tribunal ruled that the addition, based on uncorroborated loose papers and rough jottings, was invalid. The decision followed a similar ruling in a co-partner’s case, establishing that such evidence without independent verification cannot be the sole basis for taxation.
The court found that the CIT(E) had failed to adequately examine whether the trust’s religious activities were within the 5% limit allowed under Section 80G(5B) and had also not provided the trust with a proper opportunity to be heard.
ITAT Ahmedabad upheld reopening of assessment for undisclosed high-value property sale, but remanded the Rs. 2.01 crore capital gain for fresh valuation due to flawed valuation reports.
The Tribunal condoned a 376-day delay in filing the appeal, citing a consultant’s lapse, and ruled that the assessee was denied a fair hearing. The case was remanded for a detailed examination of jurisdictional and factual issues.
ITAT Ahmedabad confirmed that the unsecured loan of ₹80.94 lakh given by Mahadev Shipbreakers to KCPL was genuine, routed through banking channels, and repaid with interest and TDS. The Tribunal dismissed Revenue’s appeal, noting AO’s allegations were generalized and unsubstantiated.
The ITAT Ahmedabad deleted a Rs.30.5 lakh addition, ruling the loan was genuine and supported by bank records, while upholding the reopening of the assessment.
The ITAT Ahmedabad condoned a 604-day delay and remanded a case for fresh consideration of a public trust’s registration after the CIT(E) cancelled its provisional registration.
