Surat ITAT partly allows Jayeshbhai Chovatiya’s appeal against unexplained bank credits addition and upholds part of AO’s assessment.
ITAT acknowledged the taxpayer’s claim under Section 54F, despite its late submission, and instructed the AO to verify the claim and provide appropriate relief. The ITAT cited a jurisdictional High Court ruling that allows taxpayers to raise additional claims, provided they are legitimate.
ITAT Surat rules penalty under Section 271(1)(c) not sustainable where income addition is based on estimation of bogus purchases.
Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Traders during demonetization period. During the survey, several documents and evidences were collected and impounded.
ITAT Surat condones appeal delay due to non-service of assessment order, remands case for fresh adjudication, ensuring fair hearing.
ITAT Surat rejects revenue’s plea to recall an order under Section 254(2), stating review is beyond scope. Land classification and distance measurement upheld.
ITAT Surat held that interest paid in respect of business profit attributable to section 80P(2) of the Income Tax Act is allowable. Accordingly, AO directed to consider direct nexus of interest paid with interest income attributable under section 80P(2).
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.
