ITAT Ahmedabad partially upholds PCIT’s revision in Torrent Investments case, focusing on Sec 14A disallowances while ruling on capital loss and CSR deductions.
ITAT reaffirmed that goodwill is a depreciable intangible asset and clarified that amendments under Finance Act operate prospectively, not retrospectively.
ITAT Ahmedabad sets aside PCIT’s Section 263 revision against HN Safal; holds disallowance under Section 14A not automatic and lacks legal justification.
The ITAT Ahmedabad directed the CIT(E) to grant registration to Hatkeshwar Mahadev Trust, ruling that caste-based objects alone are not a violation without proof of applied income.
A charitable trust cannot be denied Section 80G approval solely for having religious objects. The ITAT ruled that actual expenditure is the key factor.
ITAT Ahmedabad upholds PCIT’s decision to set aside an assessee’s tax assessment, ruling that the AO’s failure to investigate a bogus donation claim under Section 80G was erroneous.
ITAT Ahmedabad dismisses a PCIT’s order under Section 263, stating that revisionary powers cannot be used merely to direct the initiation of penalty proceedings.
ITAT Ahmedabad dismisses Revenue appeals in Shaligram Infra Projects LLP case regarding on-money additions. Key takeaways on third-party documents, profit element taxation, and telescoping principle.
ITAT Ahmedabad overturns a PCIT’s order, holding that revisionary powers cannot be used to expand the scope of a limited scrutiny to include deemed dividend issues.
The ITAT Ahmedabad ruled that a tax assessment notice issued to a company struck off the register years prior is null and void, invalidating the entire assessment.
