ITAT Ahmedabad rules that for AY 2017-18, a cooperative society can claim Section 80P deduction even with a belated return, as the law at the time did not bar such claims.
ITAT Ahmedabad allows a co-operative society to deduct interest earned from co-operative bank deposits under Section 80P, clarifying its distinction from other bank types.
ITAT Ahmedabad deletes an addition made to a non-profit society’s income, ruling that an Assessing Officer cannot rely solely on an investigation report without corroborating evidence.
The ITAT has deleted a Rs. 4.67 crore addition to B. Chokshi Chem Pvt. Ltd.’s income, ruling that the sales were not bogus as the basis for the addition was unsubstantiated.
ITAT Ahmedabad ruled that a property’s valuation, once fixed by a Departmental Valuation Officer for a co-owner, must be applied to other co-owners of same property.
The ITAT Ahmedabad has sent a cash deposit addition case back to the Assessing Officer for review, citing new evidence including a joint bank account with an agriculturist father and an affidavit.
The ITAT Ahmedabad dismissed an appeal from Goldmine Commodities Pvt. Ltd. for being defective. The court found the grounds of appeal to be verbose, argumentative, and containing irrelevant allegations, failing to comply with legal requirements.
ITAT Ahmedabad deleted an income addition and penalty on a taxpayer, accepting her explanation that cash deposits came from her husband and brother.
ITAT Ahmedabad held that bad debts written off as irrecoverable in books is enough and it is not necessary to demonstrate that a debt has become bad. Accordingly, addition on account of bad debts liable to be deleted.
The ITAT Ahmedabad accepted a developer’s project completion accounting method, deleting a Rs. 2.24 crore addition made by the AO for alleged profit suppression.
