Judgement

ITAT Ahmedabad sets aside interest disallowance after finding loan repayment details were ignored in a mutual fund investment case.

ITAT Reverses Disallowance of Interest Expense, Rs. 7 Crore Loan Repayment Overlooked

The ITAT has recently rejected the Long-Term Capital Gain (LTCG) Claim by an assessee from the sale of shares of a company, which was alleged to have engaged in price manipulation and accommodation entries.

ITAT Rejects Bogus LTCG Claim, Upholds Tax Reopening

The tribunal concluded that neither the AO nor the CIT(A) verified the case in detail. Therefore, the case was remanded to the Assessing Officer for proper verification.

ITAT Remands Case for Proper Verification of Cash Sales and Deposits

The ITAT agreed with the CIT(A), ruling that the High Court in the case of Karnataka Bank [2009] 316 ITR 345, already stated that the non-rural debts are not required to be adjusted against such provisions.

ITAT Upholds CIT(A) Decision Allowing Bad Debt Deduction Under Section 36(1)(vii) for Non-Rural Branches

The case of Sri Srinivasa Educational & Charitable Trust (supra) was cited, where it was ruled that relying only on search material without conducting an inquiry appears to be the case of borrowed satisfaction.

ITAT Quashes PCIT's Registration Cancellation Order Due to AO's Borrowed Satisfaction

The ITAT remanded the case back to CIT(A) after imposing a Rs. 10,000 cost on the assessee for non-cooperation, allowing a fresh opportunity to explain unexplained investments and cash deposits.

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ITAT Reverses Disallowance of Interest Expense, Rs. 7 Crore Loan Repayment Overlooked

ITAT Rejects Bogus LTCG Claim, Upholds Tax Reopening

ITAT Remands Case for Proper Verification of Cash Sales and Deposits

ITAT Upholds CIT(A) Decision Allowing Bad Debt Deduction Under Section 36(1)(vii) for Non-Rural Branches

ITAT Quashes PCIT's Registration Cancellation Order Due to AO's Borrowed Satisfaction

ITAT Ahmedabad Grants Second Opportunity to Assessee with a Cost; Case Remanded to CIT(A)