ITAT annulled demands for AYs 2017-18 & 2018-19, holding that corpus donations, capital expenditure, and statutory accumulation by Rohilkhand Educational Charitable Trust qualify as charitable application, and cash deposits during demonetisation are not taxable under Section 68.
The ITAT Ahmedabad deleted a Rs.30.5 lakh addition, ruling the loan was genuine and supported by bank records, while upholding the reopening of the assessment.
The ITAT Ahmedabad condoned a 604-day delay and remanded a case for fresh consideration of a public trust’s registration after the CIT(E) cancelled its provisional registration.
Relying on Malabar Industrial, Max India, and Gabriel India precedents, ITAT ruled that when two views are possible, PCIT cannot assume jurisdiction. Original assessment for AY 2020-21 was restored.
Gujarat HC set aside an income tax reassessment order after the AO failed to consider the taxpayer’s detailed reply, emphasizing adherence to natural justice principles.
The ITAT Delhi has cancelled a Rs.986 crore tax on Tata NYK Shipping, reiterating that international shipping income is exempt under Article 8 of the DTAA, not taxable as royalty.
Tribunal held that different floors of the same residential property cannot be treated as separate houses. Jyoti Jain’s exemption under Section 54F was allowed, clarifying the scope of ‘residential house’ for capital gains exemption.
In a ruling for Sureshkumar Prabhulal Thakkar, the ITAT Ahmedabad has cancelled a penalty under Section 271(1)(c), stating that an Assessing Officer cannot impose a penalty simply because an expense claim is disallowed.
Briya Enterprise Ltd. successfully had delays in filing appeals condoned after ITAT held that notices sent to outdated email IDs and old Authorized Representatives justified the delay. Appeals were restored to CIT(A) for fresh decisions on merits.
The Income Tax Appellate Tribunal (ITAT) in Mumbai ruled in favor of NND Ambernath LLP, holding that a donation made to an institution with a valid exemption at the time of the transaction cannot be disallowed.
