ITAT Ahmedabad held that appellate authority has jurisdiction to entertain new claim. Accordingly, additional claim for deduction on account of ESOP is allowed. Accordingly, appeal allowed to that extent.
The ITAT Ahmedabad has upheld the disallowance of Long Term Capital Gains (LTCG) exemption on penny stock transactions for Chimanbhai Chhaganbhai, deeming them bogus. A cash credit addition is remitted for re-examination.
The ITAT Ahmedabad has remitted the case of Gujarat State Road Development Corporation Ltd. for a fresh assessment due to insufficient evidence supporting deferred revenue recognition.
ITAT Ahmedabad voids reassessment notice, stating if likely to escape income is below Rs. 50L after basic analysis, it’s barred by limitation under Section 149.
Ahmedabad ITAT restores a trust’s 12AB registration application, ruling that rejection based solely on procedural lapse without examining genuineness violates natural justice.
ITAT Ahmedabad partially allows Vadilal International’s appeal, cutting the Section 14A disallowance for exempt dividend income from Rs. 15 lakh to Rs. 30,000.
Ahmedabad ITAT directs CIT(Exemption) to review Shree Kadava Patel Gau Seva Samaj Jamvali’s tax exemption applications on merits, overturning procedural dismissal.
ITAT Ahmedabad dismisses ₹7.88 Cr bogus sales addition against jeweler during demonetization, citing lack of corroborating evidence and accepting assessee’s explanations.
ITAT Ahmedabad held that provisions of section 69A r.w.s. 115BBE of the Income Tax Act gets applicable as source of undisclosed income admitted during the course of survey not explained. Merely disclosing and paying tax doesn’t protect assessee from clutches of section 69A.
ITAT Ahmedabad held that addition by adopting Percentage Completion Method cannot be sustained as department already accepted Project Completion Method in earlier years. Accordingly, appeal allowed and addition set aside.
