ITAT Surat held that addition under section 56(2)(x) on the Income Tax Act unsustainable as addition made in casual manner without considering payment made on account of various amenities.
ITAT Surat held that the assessee trust is very old trust, and because of slight difference in the name of assessee, in various documents should not be resulted into disentitlement from getting registered under section 12AB of the Income Tax Act.
Ashvin Narayan Bajoria (HUF) Vs ITO (ITAT Surat) Recently the SMC Bench of Surat Income Tax Appellate Tribunal passed a judgement in the aforementioned case deleting the penalty levied by the Ld. Assessing Officer under section 271(1)(c) of the Act for concealment of income. The central point of discussion was whether or not penalty imposed […]
ITAT Surat restored the matter back to the file of Pr. CIT as revisionary order under section 263 of the Income Tax Act cannot be passed without issuance of show cause notice on the subject matter. Such revisionary order is against the principal of natural justice.
ITAT Surat held that seized jewellery within the permissible limit prescribed by CBDT Circular No 1916 dated 11.05.1994 couldn’t be treated as undisclosed jewellery. Accordingly, addition u/s 69A of the Income Tax Act liable to be deleted.
ITAT Surat held that section 147 doesn’t allow the re-assessment of an income merely because of the fact that AO has change of opinion with regard to the interpretation of law differently on the facts that were well within his knowledge even at the time of assessment.
Learn about Mar Baselius Orthodox Syrian Church vs CIT(Exemption) case where ITAT Surat discusses charitable activities of trusts and application of section 13(1)(b).
ITAT clarifies: Section 80G recognition needs Trust’s 12AB registration. Unregistered trusts ineligible for 80G recognition.
ITAT Surat held that addition towards cash deposited during demonetization period unwarranted as booking of railway tickets were allowed by way of old currency notes. Here, cash were received from various travelers for booking of railway tickets.
The Income Tax Appellate Tribunal (ITAT) Surat has dismissed the appeal of Adarsh Sahakari Ghar Bandhnari Mandali Ltd, a co-operative housing society, confirming that expenses incurred on internet subscriptions are not eligible for deduction under Section 57 of the Income Tax Act. The tribunal ruled that there was no nexus between the expenses and the interest income earned by the society.
