ITAT Ahmedabad held that co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act towards interest income earned from investment in other co-operative bank. Accordingly, deduction allowed and appeal by revenue dismissed.
Assessee had filed his income tax return for A.Y. 2017-18 declaring ₹20,89,430. The case was scrutinized for capital gains from agricultural land sales and cash deposits during demonetization.
ITAT Ahmedabad restores appeal to CIT(A) for de novo adjudication, ruling that the appeal was filed within the prescribed time frame.
According to the PCIT the quantum of disallowance as per Rule 8D works out to 1,98,36,285/- as against which the AO made disallowance of Rs. 86,88,523/- which has resulted into under assessment of income.
ITAT Ahmedabad directs CIT(A) to grant a fair hearing to Anjaiya Jewellery Pvt. Ltd. regarding ₹49.5 lakh addition under section 69A for the assessment year 2017-18.
ITAT Ahmedabad dismisses appeal in Gopal Ashram Vs CIT (Exemption) following fresh application for registration under extended deadline by CBDT Circular No. 7/2024.
ITAT Ahmedabad directs CIT(A) to reconsider penalty appeal of Shreenath Corporation, emphasizing delay condonation and pending quantum proceedings.
ITAT Ahmedabad dismisses Revenue’s appeal due to low tax effect under CBDT Circular No. 09/2024. The case involved taxability of interest income on project funds.
Assessee is an individual filed his Return of Income for AY 2013-14 at Rs.10,98,540/-. During the year consideration, assessee along with other co-owners sold two immovable properties for a consideration of Rs.1,20,60,000/- and Rs.1,85,40,000/-.
In the case abovementioned ITAT Ahmedabad remanded the matter to CIT (A) after considering that assessee could not file evidence before CIT (A) in lack of service of notices.
