On finding that the PCIT has held the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue simply based on incorrect assumption of facts, the Rajkot ITAT.
The Ahmedabad ITAT ruled that mathematical incorrectness by AO cannot be said to be failure on the part of the assessee to disclose any material fact, so as to initiate reopening of assessment. .
On finding that the Revenue has grossly erred by treating the element of interest on the alleged loan as bogus in nature, the Ahmedabad ITAT held that the loan amount cannot be made subject to.
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that a deemed dividend is taxable only in the hands of the shareholder.The bench of Siddhartha Nautiyal (Judicial Member) and.
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition on account of bogus capital gain by the sale of shares of a penny stock company in the absence of incriminating.