ITAT Surat held that assessee is not required to get his books of accounts audited under section 44AB of the Income Tax Act as capital gain, short term or long term, doesn’t form part of turnover. Accordingly, penalty under section 271B not leviable.
ITAT Surat held that revisionary order passed by PCIT under section 263 of the Income Tax Act without providing adequate opportunity to the assessee to file relevant material evidences and documents before him is liable to be remanded back for fresh consideration of the matter.
ITAT Surat held that deduction under section 54B duly allowable in case the nature of land was converted from agriculture to non-agriculture purpose just before transfer of land.
Explore the outcome of Ramabhai Kanjibhai Patel vs DCIT where the ITAT Surat negates penalty under Income Tax Act Section 271(1)(b) when the assessment gets completed under Section 143(3).
A penalty of was levied under section 271FA of Income Tax Act, 1961. The assessee’s subsequent appeal, stating that SFT was filed when e-filing portal was available, lacked supporting evidence and hence did not hold in court.
Explore the recent ITAT Surat ruling on Mukesh Agarwal vs ITO, where no addition was justified without corroborative evidence on a discovered satakat during a third-party survey.
ITAT Surat’s in case of Nileshkumar Chhaganbhai Vasoya Vs ITO, held that legal illiteracy of a common man is not an excuse for delay in filing appeal
ITAT Surat held that fair market value (FMV) by the registered valuers is determined after taking into account all the relevant factors like size, shape, situation, location, utility, future potentiality, etc. accordingly, the same cannot be ignore.
ITAT Surat held that gift received from HUF cannot be added back to the total income of the assessee being Karta (Manager) of such HUF.
ITAT Surat held that provision of section 115BBE of the Income Tax Act as amended vide Taxation Laws (Second Amendment) Bill 2016 which is effective from 01.04.2017 cannot be applied to search conducted prior to the effective date.
