ITAT Ahmedabad dismisses Revenue’s appeal, affirming deletion of contingent liability and duplicate PF disallowance in Mahesh Mohanbhai Patel (HUF) case, citing CPC errors.
ITAT Ahmedabad deletes Rs. 15 lakh cash deposit addition during demonetization, finding assessee established source through prior bank withdrawals.
ITAT Ahmedabad rules on Vikas Vijay Gupta vs PCIT, confirming the validity of revision under Section 263 for a wrongly issued penalty notice. Procedural errors in penalty proceedings are rectifiable by PCIT.
ITAT Ahmedabad held that disallowance under section 14A of the Income Tax Act is called off in absence of any exempt income earned/ claimed. Thus, appeal of the assessee allowed and disallowance u/s. 14A set aside.
ITAT Ahmedabad held that issue of applicability of section 115JB to National Dairy Development Board is debatable and not a mistake apparent from record hence rectification order passed is beyond the scope of section 154 of the Income Tax Act.
ITAT Ahmedabad held that goodwill arose from the excess of consideration over the net value of tangible assets transferred in amalgamation and was therefore a valid intangible asset eligible for depreciation under section 32(1)(ii).
ITAT Ahmedabad deletes Section 56(2)(x)(b) addition for land purchase, citing prior co-owner’s case where FMV difference was within 10% threshold.
Ahmedabad ITAT rules Jamiatul Banaat Tankaria eligible for 12A registration, clarifying Section 13(1)(b) applies to exemption, not initial registration.
ITAT Ahmedabad held that addition towards accommodation entries of bogus LTCG cannot be sustained in absence of any iota of tangible perceptible evidence. Accordingly, appeal allowed and addition set aside.
ITAT Ahmedabad rules Section 56(2)(x) applies to agricultural land. Assessee’s dispute on stamp duty valuation mandates DVO reference. Case remanded for re-evaluation.
