ITAT deletes interest disallowance under Section 36(1)(iii) for lack of nexus and upholds telescoping of expenses to avoid double addition of unaccounted cash.
ITAT Ahmedabad reviews Sankalp Recreation’s tax appeals concerning unaccounted income, expenses, book rejection, and PF/ESIC disallowances following a search operation.
Income Tax Appellate Tribunal sets aside PCIT’s revisionary order against Synwave Industries, ruling original assessment not erroneous.
ITAT Ahmedabad held that merely because some parties didn’t respond to the notice of AO, entire expenditure cannot be held as non-genuine. Accordingly, deletion of addition by CIT(A) upheld.
ITAT Ahmedabad held that exemption u/s. 54F and 54B of the Income Tax Act cannot be denied solely on the ground of non-adherence to strict time limits. Accordingly, the assessee is entitled to claim the deduction in respect of investments made beyond the prescribed time period.
ITAT Ahmedabad allows co-operative societies to claim 80P(2)(d) deduction on interest from co-op banks, distinguishing it from private bank interest.
ITAT Ahmedabad allows Khedbrahma Taluka Primary Teachers Co-op. Credit Society Ltd. 80P deduction despite a minor delay in IT return filing, citing technical glitches and statutory interpretation.
ITAT Ahmedabad held that taxing entire unaccounted cash receipts or on-money receipts not justified as only profit embedded in such receipts is taxable. Accordingly, AO directed to adopt 13% profit margin on real estate business and tax accordingly.
Ahmedabad ITAT rules in favor of Sudhirbhai Pravinkant Thaker, deleting cash addition, stating previous bank withdrawals can be source of later deposits if not utilized elsewhere.
ITAT Ahmedabad held that revisionary proceedings under section 263 of the Income Tax Act justified since PCIT correctly observed that the very basis of disallowance of depreciation was on an incorrect understanding of the facts by AO. Accordingly, revision order upheld.
