ITAT Ahmedabad overturns CIT(E)’s rejection of Indian Red Cross’s 80G approval, citing ignored submissions and directs fresh adjudication.
ITAT Ahmedabad directs AO to verify business nexus of interest expense claim, reassessing deduction under Section 36(1)(iii) for Jitendra Shah.
ITAT Ahmedabad quashed addition of cash deposits during demonetization, accepting tuition income and marriage gifts as sources.
ITAT Ahmedabad rules no penalty under Section 271(1)(c) when income addition is based on estimation. Case details of Maruti Infrastructure Ltd. Vs DCIT explained.
ITAT Ahmedabad addressed unexplained cash deposits during demonetization in Jaisinghani vs. ITO, focusing on Sec. 69A and 115BBE.
ITAT Ahmedabad held that fresh assessment is necessary in case of taxability of interest earned from Fixed Deposit from compensation received for compulsory acquisition of agricultural land. Thus, matter restored for fresh assessment.
In the present case, recovery or repayment of fraudulent income does not qualify as an allowable expense. Allowing deductions for recovery of fraudulent income would contradict the legislative intent of the Income-tax Act.
ITAT Ahmedabad held that as per the provisions of Section 167B of the Income Tax Act, Maximum Marginal Rate (MMR) is applicable on entire income of AOP if any one member of the AOP is taxable at a rate higher than MMR.
ITAT Ahmedabad dismisses appeals by GE Power India ex-staff, backing PCIT’s order for fresh assessment due to wrongly claimed tax exemptions on VRS.
ITAT Ahmedabad held that penalty u/s.271AA of the Income Tax Act cannot be levied without specifying the required documents failed to be maintained/furnished by the assessee. Thus, appeal of the revenue dismissed.
