This case revolved around purchase of a property from twenty co-owners, where assessee was treated in default for non-deduction of TDS. Assessee argued that demand resulted in double taxation as taxes already been paid.
ITAT Ahmedabad held that in the proceedings under section 153A of the Act, the assessment can only be made based on incriminating materials found/ collected during the search from the premises of the assessee. Addition unsustainable no material of incriminating nature was found from the premises of the assessee.
ITAT Ahmedabad has ruled that a penalty under section 271(1)(c) is not applicable when an assessee doesn’t furnish inaccurate income details. This ruling was made in the case of Khanpur Vibhag Madhyamik Shala Karmchari Dhiran & Grahak Sahakari Mandali Limited Vs ACIT
In the case of Patel Ambalal Haridas – HUF Vs ITO, ITAT Ahmedabad orders re-evaluation of land value under section 50C, pointing to a failure to consider the Jantri value and Valuation Report. The case impacts how land value is assessed for capital gains tax purposes.
ITAT Ahmedabad held that addition on account of deemed dividend as per section 2(22)(e) of the Act unsustainable in the hands of non-shareholders.
ITAT Ahmedabad held that income is not taxable in India merely because the overseas employer paid salary into NRE account of the assessee in India.
ITAT Ahmedabad has allowed the appeal of Kanta Govind Singh against the levy of a late filing fee under section 234E for a TDS return. The appellant, a senior citizen, had promptly deposited the TDS amount but had inadvertently filed the return late due to old age and human error. The ITAT deemed the procedural error as not warranting the imposition of a heavy late filing fee under Section 234E of the Income Tax Act.
A deep dive into the Kute Sons Dairys Ltd Vs PCIT case, highlighting implications of an assessment completed without proper inquiry and legal justifications for invoking revision u/s 263.
ITAT Ahmedabad remands Bhavesh Sureshchandra Shah’s case back to the AO for detailed verification of a Rs. 2.09 crores unexplained income claim, highlighting the need for comprehensive examination of bank statements and evidence.
ITAT Ahmedabad held that benefit of exemption under section 11 of the Income Tax Act cannot be denied merely on account of delay in furnishing of audit report in Form No. 10B.
