ITAT Ahmedabad sets aside PCIT’s order on a capital gains exemption claim under Section 54F. Details of the decision and legal interpretation explained.
ITAT Ahmedabad held that notice issued u/s. 274 without specifying ground for imposition of penalty u/s. 271(1)(c) i.e. whether penalty is imposed for concealment of income or furnishing of inaccurate particulars of income is not justifiable.
ITAT Ahmedabad rules technical glitches caused a one-day delay in PF/ESIC credit, deleting the disallowance under Section 36(1)(va) for AY 2018-19.
ITAT Ahmedabad restores Sharvashram Jagruti Sansthan Trust’s case for re-evaluation by CIT (Exemption), citing natural justice and insufficient hearing opportunities.
ITAT Ahmedabad remands Vinodchandra Dahyabhai Darji’s tax case for fresh adjudication after finding denial of a hearing in a faceless appeal process.
ITAT Ahmedabad ruled in favor of the assessee, deleting penalties under Section 271(1)(b) for A.Ys. 2012-13 & 2013-14, citing lack of non-compliance evidence.
In the assessee’s own case for A.Y. 2001-02, the Coordinate Bench had upheld the CIT(A)’s decision to allow 40% of the damages under Section 14B of the Act as compensatory while treating the balance 60% as penal in nature and disallowing the same.
ITAT Ahmedabad held that addition towards unexplained cash deposits not justified as CIT(A) has partly accepted the cash book and partly rejected the cash book without assigning any reason. Accordingly, appeal allowed.
Assessment was completed at income of Rs.1,23,18,612/- against the returned income of Rs.3,76,740/- on account of unexplained cash deposited in the bank accounts amounting to Rs.1,19,41,872/-.
ITAT Ahmedabad upheld ₹70.95 lakh addition under Section 69A due to unexplained cash deposits during demonetization and non-compliance by the assessee.
