ITAT Rajkot has quashed a PCIT’s order to tax interest on enhanced land compensation, holding it is part of compensation and not taxable as income from other sources.
ITAT Rajkot quashes a Section 263 order, ruling that the PCIT cannot revise an assessment based on a mere change of opinion when the AO has verified purchases.
ITAT Rajkot allows an appeal despite manual filing and delay, prioritizing a fair hearing over procedural errors and remanding the case for re-adjudication.
ITAT Rajkot held that transactions of sale and purchases cannot be treated as cash credit/bogus under section 68 of the Act, if they are circular in nature. Also held that profit margin of 12.50% can never be possible in case of circular trading activities.
Once assessee had filed the Return of Income, in response to notice, u/s 142(1), (although it was late), then it was mandatory for AO, in order to acquire the jurisdiction, to make the assessment on the assessee, to issue the notice u/s 143(2).
ITAT Rajkot remands Section 12AB and 80G appeals for reconsideration, citing a senior citizen’s unfamiliarity with online tax systems and reliance on a non-cooperative accountant.
ITAT Rajkot rules Section 80P deduction for co-operative societies not deniable due to belated return filing under Section 139(4), remanding cases for re-examination.
ITAT Rajkot’s affirmed that interest from depositing surplus funds with nationalized/ private banks is not deductible under Section 80P(2)(a)(i) as it is not integral to business of providing credit to members.
The ITAT Rajkot recently deliberated on whether a co-operative society could be denied an 80P deduction for a belatedly filed income tax return. This case examines the scope of adjustments under Section 143(1) of the Income Tax Act.
ITAT Rajkot overturns CPC’s disallowance of Section 80P deduction for a co-operative society’s late return, clarifying the scope of Section 143(1) adjustments for AY 2019-20.
