ITAT Ahmedabad held that addition, treating share application money as unexplained income, based on surmises and conjectures without making proper verification of facts with relevant materials and evidences is not sustainable in law.
Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “business income” by relying on the judgment of the Hon’ble Orissa High Court in Odisha Power Generation Corporation Ltd.
ITAT Ahmedabad rules on Aprameya Engineering’s appeal against tax rate denial under Section 115BAA due to delayed Form 10-IC filing. Judicial precedents examined.
ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capital gains computation, the related unaccounted expenditures stand explained and cannot be taxed separately as unexplained expenses.
ITAT Ahmedabad remands case due to incorrect notice delivery, allowing reassessment of unexplained deposits and income under natural justice principles.
ITAT Ahmedabad rules on undisclosed foreign accounts in the case of Manjulaben Bipinbhai Patel vs DCIT, addressing tax assessments and legal implications.
ITAT Ahmedabad deletes addition of ₹6.16 lakh under Section 69A for unexplained jewellery, considering joint ownership of locker and affidavit from the daughter.
ITAT Ahmedabad restores Section 10AA deduction despite late Form 56F filing, citing procedural compliance. Read about the case and key judicial precedents.
ITAT Ahmedabad ruled that mere suspicion cannot justify tax additions, deleting an Rs. 18 lakh addition in a property investment dispute.
ITAT Ahmedabad sets aside assessment order on demonetization cash deposits, citing natural justice violations. Case remanded for fresh adjudication.
