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ITAT Ahmedabad

Failure to collect TCS – ITAT quashes order passed beyond limitation period

July 1, 2023 528 Views 0 comment Print

In Nisarahmed Abdulsattar Vs. ITO, ITAT Ahmedabad quashes the Assessment Order for failure to collect TCS on the sale of metal scrap before the limitation period. Read the full order here.

Benefit of exemption u/s 11(1)(a) and 11(2) not available to deemed income u/s 11(3)

June 30, 2023 4959 Views 0 comment Print

ITAT Ahmedabad held that benefit of exemption under Section 11(1)(a) and 11(2) of the Income Tax Act is not available to “deemed income” under Section 11(3) of the Income Tax Act

Addition of Bogus Capital Gains from Penny Stock Transaction Upheld

June 27, 2023 5208 Views 0 comment Print

ITAT Ahmedabad confirmed addition on account of bogus long term capital gains from transaction in penny stock observing that mere filing documentary evidences did not discharge onus cast on the assessee to prove genuineness of the transaction.

Addition towards trading in penny stock sustained for lack of assistance during appeal proceedings

June 27, 2023 513 Views 0 comment Print

ITAT Ahmedabad sustained the addition on account of trading in penny stock of shell company as assessee failed to attain personal hearing inspite of various occasion.

ITAT deletes Penalty on income tax refund Interest & Section 14A Additions

June 27, 2023 960 Views 0 comment Print

In Sunrise Broking P. Ltd. Vs ITO, ITAT Ahmedabad abolishes penalty over additions made to interest on income tax refund, recognizing no concealment or inaccuracy in the income particulars.

ITAT Exempts corpus donation of Gold for art gallery of temples u/s 11(1)(d) 

June 25, 2023 618 Views 0 comment Print

The ITAT Ahmedabad ruled in favor of Shree Swaminarayan Bhagwan, a religious trust, exempting a gold donation from tax under Section 11(1)(d) of the Income Tax Act. The gold donation was utilized for the creation of an art gallery, thereby qualifying as corpus donation.

ITAT Sanctions Interest Expense despite Higher Payment for Earning Income

June 25, 2023 228 Views 0 comment Print

Learn about the significant ruling of ITAT Ahmedabad in the case of Ankit Ashok Savla Vs ITO regarding the non-disallowance of interest expenses under Section 57 of the Income Tax Act.

Revisionary jurisdiction unsustainable as Pr.CIT finding is based on incorrect appreciation of facts

June 24, 2023 663 Views 0 comment Print

ITAT Ahmedabad held that Pr.CIT’s view that entire cash deposits during demonetization is to be treated as unexplained, is contrary to the facts on record, as assessee has demonstrated the factum of huge turnover prior to and post demonetization. Accordingly, Pr.CIT’s finding of error in AO’s order is based on incorrect appreciation of facts and accordingly revisionary jurisdiction u/s 263 unsustainable.

Disallowance of revenue expenditure merely based on description of expense is unsustainable

June 22, 2023 1551 Views 0 comment Print

ITAT Ahmedabad held that disallowance of revenue expenditure treating it as capital merely on the basis of description of the expenditure without any substantive record is unsustainable.

ITAT Condones Delayed Appeal due to Tax Practitioner’s Negligence

June 22, 2023 627 Views 0 comment Print

A discussion on ITAT Ahmedabad’s ruling condoning the late filing of an appeal due to the negligence of the tax practitioner, in the case of Sanjeev Harshadrai Sheth Vs ITO.

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