The present appeal has been filed by the assessee against order passed by the Commissioner of Income Tax (Exemption), Ahmedabad, dated 20.08.2024, denying grant of approval u/s. 80G(5) of the Income Tax Act, 1961.
The CIT(A) upheld the disallowance in both years, primarily on the basis that the genuineness of the loans had not been established, and therefore, the interest paid on such loans could not be allowed.
ITAT Ahmedabad held that claim of exemption under section 54F vide return of income filed in compliance to notice u/s. 148 needs to be evaluated by AO. Accordingly, matter restored back to the file of J.A.O. for making necessary verification for exemption claim.
ITAT Ahmedabad rules a private discretionary trust created by will and being the sole trust is not liable to the maximum marginal rate, applying association of persons rates.
ITAT Ahmedabad held that addition invoking provisions of section 50C(2) of the Income Tax Act without referring the valuation of the capital asset to the valuation officer is not justifiable. Accordingly, matter restored back to AO to refer the matter to valuation officer for determining Fair Market Value.
ITAT Ahmedabad held that addition on account of cash credit in the current year cannot be sustained where department had accepted the re-payment of loans in subsequent year. Accordingly, addition confirmed by CIT(A) deleted and appeal allowed.
ITAT confirms that donations under Section 80G and business expenses under Section 37(1) are distinct. It upheld GSFC’s eligibility for Section 80G deduction, emphasizing proper classification in accounts.
ITAT Ahmedabad remands Mitalben Rahulkumar Shah’s tax case for fresh assessment despite non-compliance, citing interest of justice with condition.
Ahmedabad ITAT upholds deletion of ₹32 crore addition against Nishant Construction, citing lack of evidence & confirming higher court rulings.
Ahmedabad ITAT sends back tax case to CIT(A) after significant additions for cash deposits and unsecured loans were deleted without obtaining the Assessing Officer’s remand report.
