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.
ITAT Surat held that the delay in filing appeal before ld CIT(A)/ NFAC is not deliberate or intentional or gross negligence on part of assessee and hence the same is condoned.
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.
