ITAT Surat held that addition under section 68 of the Income Tax Act treating transaction as bogus merely on the basis of suspicion, presumptions and probability is not sustainable in law. Accordingly, appeal of assessee allowed.
ITAT Surat allows Swaminarayan Gadi Trust to rectify errors in its tax exemption applications under Sections 12A/12AB and 80G(5) of the Income Tax Act.
ITAT Surat condones appeal delay in Ramesh P. Mehta HUF case, remanding tax assessment dispute for fresh consideration by AO. Read key judicial observations.
ITAT Surat condones a 162-day delay in appeal filing by a 77-year-old farmer, citing lack of legal guidance, and directs a fresh assessment by the AO.
ITAT Surat remands case to CIT(A) for fresh adjudication on HUF gift taxability under Section 56(2)(vii) of the Income Tax Act, citing judicial precedents.
ITAT Surat remands penalty case under Section 271B to AO, ruling that bank transactions alone cannot determine turnover. Fresh consideration ordered.
ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the time of sale, not subsequent changes.
Learn how the PCIT correctly invoked Section 263 of the Income Tax Act due to the AO’s misapplication of law in taxing Stamp Duty Valuation and Unexplained Investment. Explore detailed analysis of Section 56(2)(x), Section 69, and key judicial precedents.
Aggrieved by the order passed by AO, assessee moved on with an appeal to CIT(A), where assessee challenged the reopening of the assessment, arguing that Section 148 was not justified.
ITAT Surat ruled on the classification of land as a capital asset under Section 2(14) for AY 2012-13. Decision centered on distance measurement standards and LTCG.
