ITAT Surat condones a 1740-day delay in Chirag P. Thummar’s penalty appeal, citing advocate’s mistaken advice and the Supreme Court’s COVID-19 extension. Case remanded to PCIT for fresh adjudication on merits due to an ex-parte order.
ITAT Surat rules Section 54F exemption is permissible on a residential property purchase through a possession-based agreement, even without a registered sale deed.
ITAT Surat remands Navsari Modh Vanik Panch’s 80G approval case to CIT(E), Ahmedabad. The trust, registered under 12A/12AB, faces re-evaluation of its charitable status based on recent financial records, specifically religious expenditures
Post completion of assessment, information was received from DDIT(Inv.) Unit-5(2), Mumbai that the share of Gemstone Investment Ltd. was a penny stock and assessee was a beneficiary from trading of the above shares.
ITAT Surat cancels tax reassessment for AY 2015-16, ruling notice beyond 3 years invalid as alleged escaped income was below the ₹50 lakh threshold.
ITAT Surat sends back transport expense disallowance case to CIT(A), citing improper rejection of assessee’s additional evidence under Rule 46A.
ITAT Surat permits Asifiqbal Ismail Jangda’s appeal, removing a ₹3.45 lakh unexplained cash addition. Agricultural income and bank withdrawal proof cited.
ITAT Surat confirms ₹4.10 Cr addition u/s 69 for unexplained investment, upholds authority to dismiss cases for non-compliance.
ITAT Surat cancels penalty on Sahajanand Medical for a depreciation claim error, stating Section 271(1)(c) doesn’t apply to honest mistakes with full disclosure.
ITAT Surat imposed cost of Rs. 10,000 on the applicant for non-furnishing of requisite details post application for registration filed in Form No.10AB. Accordingly, matter remanded back to the file of CIT(E).
