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ITAT Surat

Temple Trust Exemptions u/s 11 & 12 allowed due to inapplicability of 12A(1)(ba) amendment for AY 2017-18

December 29, 2024 399 Views 0 comment Print

Clause (ba) of sub-section (1) of section 12A was applicable for AY.2018-19 onwards and not for AY.2017-18, assessee-temple trust was entitled to tax exemptions under Sections 11 and 12 . Hence, the order of AO was not erroneous and prejudicial to the interests of revenue and therefore, it was not amenable to revision u/s 263.

Section 69C Addition: Case remanded due to a violation of natural justice caused by unfair deadline

December 27, 2024 234 Views 0 comment Print

Assessee filed its return of income for the 2018-19 AY declaring a total of ₹12,33,640 and assessee’s case was selected for limited scrutiny on the issues of “imports and exports”, and various notices were issued and served upon assessee.

TDS credit can be allowed for receipt but only for relevant AY: ITAT Surat

December 26, 2024 630 Views 0 comment Print

The Surat Bench of ITAT allowed the appeal for statistical purpose which means that ITAT uphold the decision of CIT (A) but without any real impact on the case. It allowed TDS credit of the of Rs.4,50,000/- but in AY 2018-19 whereas it was claimed in AY 2016-17.

Each and every addition cannot be base for levy of penalty u/s. 271(1)(c): ITAT Surat

December 21, 2024 921 Views 0 comment Print

ITAT Surat held that each and every addition cannot be a basis for levying a penalty under section 271(1)(c) of the Income Tax Act. There has to be deliberate furnishing of inaccurate particulars or concealed income for levy of penalty.

Reassessment was valid as Section 147 And 153C could be applied interchangeably

December 19, 2024 477 Views 0 comment Print

Assessee had not challenged the validity of reopening, though for the first time, assessee had challenged the action of AO by taking plea that AO should have assessed assessee under section 153C and not section 147/148.

Fixed deposits that forms part of banking business is stock-in-trade: ITAT Surat

December 17, 2024 117 Views 0 comment Print

ITAT Surat held that the Fixed Deposits can be treated as stock-in-trade if it forms part of banking business. Further, held that deposits that forms part of banking business, write off such loss will be a loss arising in the course of carrying on banking business.

Delay in appeal due to attachment of office sufficient cause: ITAT Surat

December 17, 2024 180 Views 0 comment Print

ITAT Surat held that delay in filing of an appeal before CIT(A) since the assessee was displaced from his office due to attachment of office on account of some purported fraud committed by him is sufficient cause.

ITAT Surat imposes Cost imposed on assessee for non-cooperation

December 17, 2024 429 Views 0 comment Print

As the assessee had not submitted his explanation with respect to cash deposit made by him during the demonetization period, the same was treated as unexplained money u/s 69A of the Act.

Delay in filing of appeal condoned since delay not deliberate or intentional: ITAT Surat

December 17, 2024 603 Views 0 comment Print

ITAT Surat held that the delay in filing the appeal before CIT(A) is not deliberate or intentional or due to gross negligence on the part of the assessee. Accordingly, delay of more than 2 years condoned and matter remanded back to CIT(A).

Disallowance u/s. 36(1)(va) justified since employee’s contribution deposited after due date: ITAT Surat

December 16, 2024 360 Views 0 comment Print

ITAT Surat held that employee’s contribution towards PF and ESI cannot be allowed if it is deposited after the due dates under those Acts but before filing of return. Accordingly, disallowance u/s. 36(1)(va) confirmed and appeal dismissed.

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