The Ahmedabad ITAT overturned a decision by the CIT(A), ruling in favour of Ketan M. Chalishazar HUF on an error made by his broker during a share transaction. The tribunal highlights the importance of accurate code modifications.
Review the details and consequences of the ITAT Ahmedabad’s ruling in Jetalpur Seva Sahkari Mandali Limited vs DCIT that income from commercial activity cannot be claimed as a deduction under Section 80P of the Income Tax Act.
In a significant ruling, ITAT Ahmedabad deemed an assessment under Sec 147 of the Income Tax Act, based solely on cash deposit information, as invalid in the case of DineshkumarDalsangbhai Chaudhary Kankavati Society Vs ITO.
An in-depth analysis of the case Parag Bhikhubhai Patel vs ITO, exploring implications of using passports to confirm US tax residency for NRIs under India-USA Tax Treaty
ITAT Ahmedabad held that the assessee has discharged the onus cast under section 68 of the Act with respect to receipt of share application money. Accordingly, addition under section 68 of the Income Tax Act not sustained.
ITAT Ahmedabad held that assessee was engaged in business of leasing out its house properties to earn rent, income so earned as rent should be treated as business income, and not as income from house property.
ITAT Ahmedabad held that when AO of searched person and other person is same, there is no mandatory requirement for AO of searched person to record satisfaction of material having found belonging to the person for valid jurisdiction under section 153C of the Income Tax Act.
ITAT Ahmedabad held that addition as unexplained credits to capital account unsustainable as gift from assessees aunt shown as credits to capital account.
The recent ITAT ruling underlines that the deductions under sections 80IA/80IB should be subtracted from business profits when computing the deduction U/S. 80HHC. This is a comprehensive review of the case ITO vs Madhusudhan Industries.
In a landmark judgment, ITAT Ahmedabad overrules PCIT’s order, upholding that section 40(a)(ia) of the Income Tax Act cannot be invoked in case of short TDS deduction.
