Read all Latest Updates on and about Accountant Member Ms. Annapurna Gupta

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Object beneficial to a Section of Public also amounts to a Charitable Purpose, Exemption as Trust allowable u/s 12 AA: ITAT

Yogitha S. Yogesh

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that the object of the trust beneficial to a section of the public also...

No Nexus between Information and belief of Escapement of Income: ITAT invalidates Assessment by AO...

Addition of Income based on statement of Director without verifying details of Payments from Third...

Expenses incurred for Business allowable as a Income Tax Deduction until the Liquidation of Firm:...

Payment for providing Bandwidth/Telecom Services by way of IPCL amounts to Royalty: ITAT [Read...

Premium on Forward Exchange Contracts can be Deducted as Expense: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that premiums on Forward exchange contracts can be deducted as an expense. CLP Wind Farm (India), the assessee carried on the...

Business Loss cannot be disallowed as AO has not Rejected Books of Accounts: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad held that business loss cannot be disallowed as Assessing Officer has not rejected books of accounts. The assessee, Nilamben Sandipbhai Parikh...

Share Trading through Benami: ITAT upholds Denial of Claim of Business Loss [Read Order]

While considering a bunch of appeals the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that share trading through Benami can’t be claimed as a business loss by the assessee and...

Cash seized during Search cannot be Adjusted against Self Assessed Tax Liability: ITAT deletes Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the cash seized during search cannot be adjusted against the self-assessed existing tax liability as per the provisions of...

Cash Deposits out of Business of Shroff cannot be Treated as Undisclosed Income U/S 68: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Rajkot Bench presided by Ms. Annapurna Gupta, Accountant Member And Shri TR Senthil Kumar, Judicial Member has held that the cash deposits out of business...

No New Evidence furnished to Establish Genuineness of Gift Received: ITAT upholds Addition made u/s 68 [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal has held that no new evidence was furnished to establish the genuineness of the gift received and upheld the addition made u/s 68 The assessee,...

Outstanding Balances cannot be treated as 'Bogus' when Payment made through Banking Channels: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the outstanding balances cannot be suspected as bogus when the payments to parties were made through banking channel. During...

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