ITAT Ahmedabad’s decision in case of ONGC Employees Co-op Credit & Thrift Society Limited Vs ITO, provides insight into exemption of interest income under Section 80P(2)(a)(i) of Income Tax Act.
ITAT’s ruling affirms that a Co-operative Society can claim deductions for the interest income derived from a Fixed Deposit Receipt (FDR) with a Co-operative Bank.
ITAT Ahmedabad in Sureshbhai Ashwinbhai Patel Vs ITO clarified that complete sale consideration from such a property cannot be attributed as capital gain of a single co-owner.
ITAT, Ahmedabad in Joshi Technologies International Inc. v. ADIT held that oil wells are plant and machinery, and accordingly, higher depreciation would be allowed
ITAT Ahmedabad held that interest paid on money borrowed for the purpose of business is allowable as business expenditure.
ITAT Ahmedabad held that penalty under section 271D of the Income Tax Act leviable for contravention of provisions of section 269SS on failure to establish any reasonable cause for taking cash loans.
ITAT Ahmedabad, in Kunvarji Fincorp Vs DCIT held that denial of TDS credit due to assessee’s mistake or misunderstanding is impermissible
ITAT, held that if assessee voluntarily declares income during a survey and later includes it in their regular income tax return, no penalty under Section 271(1)(c) can be imposed.
ITAT Ahmedabad held that as the revenue from selling of bandwidth business of the assessee is shared between the assessee and its parent company, profits eligible to deduction under section 80IA(4)(ii) of the Income Tax Act is reducible.
Bad debts Adjustment against previously created provisions constitutes actual writing off of bad debts in books of accounts & Allowable
