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ITAT Surat

Addition u/s. 69C treating agricultural expense met from undisclosed income not justified

December 16, 2024 849 Views 0 comment Print

The case was selected for limited scrutiny through CASS. AO observed that the assessee had also from other sources and also from agricultural activities carried out during the year

ITAT Partly deletes Agricultural Income addition & confirms rest for Lack of Evidence

December 13, 2024 462 Views 0 comment Print

ITAT partly allows agricultural income claim for Jesal Jatin Desai but upholds disallowance of a portion due to lack of evidence.

CBDT relaxed time period for application for regular approval of fund u/s. 80G(5): ITAT Surat

December 9, 2024 405 Views 0 comment Print

ITAT Surat held that rejection of application for regular approval of fund under section 80G(5) of the Income Tax Act as time barred not justified in terms of relaxation of time period as per CBDT Circular no. 7/2024 dated 25.04.2024

Addition u/s. 68 sustained as source of credit not properly explained: ITAT Surat

December 6, 2024 696 Views 0 comment Print

Therefore, the addition made by the AO u/s 68 is sustained. Since, addition u/s 68 has been upheld, the expenditure incurred to earn the above sums are to be added u/s 69C as unexplained expenditure.

Addition on account of cash deposit: ITAT Orders Fresh Assessment  

December 1, 2024 5592 Views 0 comment Print

ITAT Surat remands Mahesh Desai’s appeal to AO, allowing him to substantiate cash deposits after prior ex parte decisions, upholding fair hearing principles.

ITAT Reduces Commission Income Addition to 0.50%

December 1, 2024 909 Views 0 comment Print

ITAT Surat lowers commission income rate for Nanak Motumal Pherwani to 0.50% on bank transactions, aligning with reasonable industry standards in cheque discounting.

Section 68 Addition Set Aside Due to Lack of Independent Investigation by AO: ITAT Surat

November 27, 2024 813 Views 0 comment Print

ITAT Surat held that addition under section 68 of the Income Tax Act is not sustainable since AO has not made any independent investigation of fact. Accordingly, ad hoc disallowance @10% upheld to avoid the possibility of revenue leakage.

No addition with regard to closing balance of old loan can be made u/s. 68: ITAT Surat

November 26, 2024 885 Views 0 comment Print

CIT(A) confirmed the addition to the extent of Rs.1.42 crores and remaining addition of Rs.3.35 crores, which was closing balance of loans were deleted. Further aggrieved, the revenue has filed present appeal before the Tribunal.

Ex-Parte Section 69A Addition: ITAT Orders Fresh Examination by AO

October 27, 2024 411 Views 0 comment Print

ITAT restored appeal of Trupti Ashishkumar Desai against an addition under Section 69A, emphasizing need for fair opportunity and compliance.

Additional evidence having direct bearing on all additions/ disallowance taken on record: ITAT Surat

October 23, 2024 390 Views 0 comment Print

ITAT Surat held that considering the veracity of evidence, additional evidence filed by the assessee is essential and has direct bearing on all the additions/ disallowance, hence, all the additional evidence are taken on record. Accordingly, matter restored back.

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