ITAT Ahmedabad allows the appeal in the case of Kshama Sanjay Tripathi, accepting family sources for property investment and dismissing unexplained expenditure.
ITAT Ahmedabad dismisses Canpac Trends’ appeal on share premium addition under Section 56(2)(viib). No submissions made by the appellant.
ITAT Ahmedabad sets aside ex-parte order in Akash Panchal case, remanding it for fresh consideration on unexplained cash deposits under Sections 68 & 69A.
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.
