ITAT Surat rules Section 11 exemption for trusts cannot be denied solely for late Form 10B filing if submitted before the 143(1) order, citing multiple judicial precedents.
The ITAT Surat directs the AO to verify Kuberji Developers’ claim that rent was double-taxed across assessment years 2016-17 and 2017-18, allowing adjustment if proven.
ITAT Surat affirms penalty on Pristine Jewellery for non-compliance with tax audit requirements, rejecting claims of reasonable cause and distinguishing previous judgments.
ITAT Surat condones a 1740-day delay in Chirag P. Thummar’s penalty appeal, citing advocate’s mistaken advice and the Supreme Court’s COVID-19 extension. Case remanded to PCIT for fresh adjudication on merits due to an ex-parte order.
ITAT Surat rules Section 54F exemption is permissible on a residential property purchase through a possession-based agreement, even without a registered sale deed.
ITAT Surat remands Navsari Modh Vanik Panch’s 80G approval case to CIT(E), Ahmedabad. The trust, registered under 12A/12AB, faces re-evaluation of its charitable status based on recent financial records, specifically religious expenditures
Post completion of assessment, information was received from DDIT(Inv.) Unit-5(2), Mumbai that the share of Gemstone Investment Ltd. was a penny stock and assessee was a beneficiary from trading of the above shares.
ITAT Surat cancels tax reassessment for AY 2015-16, ruling notice beyond 3 years invalid as alleged escaped income was below the ₹50 lakh threshold.
ITAT Surat sends back transport expense disallowance case to CIT(A), citing improper rejection of assessee’s additional evidence under Rule 46A.
ITAT Surat permits Asifiqbal Ismail Jangda’s appeal, removing a ₹3.45 lakh unexplained cash addition. Agricultural income and bank withdrawal proof cited.
