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No Nexus Between Borrowed Funds and Tax-Exempt Investments: ITAT quashes s.14A Disallowance under Income Tax [Read Order]

Varda Marakkar

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) quashed invocation of section 14 of the Income Tax Act 1961 (ITA) noting that it was...

No Ingredients to Invoke Reassessment u/s 147 IT Act: Bombay HC quashes Reassessment Notices [Read...

AO Conducted Proper Inquiry into S.80P Deduction Claim by Co-Op Society: ITAT quashes Revision Order...

ITAT Rejects Allegation of Fabricated LTCG, Validates Sale Price of Unquoted Shares [Read Order]

No Addition u/s 68 in Partnership Firm’s Hands if Credit is in Partner’s Capital Account: ITAT [Read...

Co-operative Societies Offering Credit to its Members Eligible for Deductions u/s 80P(2)(a)(i): ITAT [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that co-operative societies providing credit to their members are eligible for deductions under Section 80P(2)(a)(i) of the Income...

ITAT Dismisses Appeal, Directs CIT (E) to Resolve Fresh Form 10 AB Application for Section 80 G (5) Trust Registration [Read Order]

In a recent, judgement, The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the appeal and directed the Commissioner of Income Tax ( Exemption ) CIT (E) to address the new...

Delay of 331 Days in Filing Appeal: ITAT Orders CIT (E) to Process Trust’s Fresh Form 10 AB application for Section 80 (G)(5) [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has directed the Commissioner of Income Tax (Exemption) to process the trust's new Form 10AB application, extending the deadline for...

Disallowance u/s 14 A of Income Tax Act cannot Exceed Exempt Income: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that disallowance under Section 14 A of the Income Tax Act, cannot exceed exempt income. Thus disallowance under Section 14 A...

ITAT Sets aside CIT(E) order, Citing Insufficient Hearing Opportunity in Section 80G (5) Application Rejection [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) set aside the Commissioner of Income Tax (Exemption) [CIT(E)] order, noting that the assessee had not been given a fair...

Inadequate Inquiry into Rs. 9.30 Crore Property Investment: ITAT Upholds PCIT's Revision Order [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Ahmedabad in a recent case, upheld a revision order passed by the Principal Commissioner of Income Tax ( PCIT ) under Section 263 of Income Tax Act 1961,...

AO Adds SBN Deposits by NBFC as Unexplained Cash Credit u/s 68 During Demonetization: ITAT Directs AO to Reassess and Apply CBDT Guidelines [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to reassess the case involving the addition of Specified Bank Notes ( SBN ) deposits as...

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