2022-TIOL-93-SC-IT-LB
ACIT Vs Ahmedabad Urban Development Authority
On application, the SC Larger Bench while clarifying certain aspects with respect to tax exemptions of Charitable Trusts, the larger bench observed that the judgment, "has to be understood in the context, which is that they apply for the assessment years in question, which were before this court and were decided, wherever the appeals were decided against the revenue, they are to be treated as final. However, the reference to future application has to be understood in this context, which is that for the assessment years which this court was not called upon to decide, the concerned authorities will apply the law declared in the judgment, having regard to the facts of each such assessment year.
- Case disposed of: SUPREME COURT OF INDIA
2022-TIOL-1275-ITAT-VARANASI
Sarthak Filling Station Vs ITO
Whether no further relief on sale and administrative expenses can be allowed to assessee as he has completely failed to produce any bills/vouchers to substantiate that these expenses were incurred wholly and exclusively for business purpose - YES : ITAT
- Assessee's appeal allowed: VARANASI ITAT
2022-TIOL-1274-ITAT-MUM
ACIT Vs Tilaknagar Industries Ltd
Whether Section 154 gives unfetterred powers to the AO to order for rectification even after the limitation period is over - NO: ITAT
- Appeal dismissed: MUMBAI ITAT
2022-TIOL-1273-ITAT-AHM
Dipika Kishorkumar Patel Vs ITO
Whether CIT had erred in c onfirming the addition made by the AO, first by arbitrarily treating a sum as found credited in the banking account maintained with a Bank as unaccounted turnover, and then by estimating the net profit at the rate of 8% on the same - NO: ITAT Whether CIT had erred in c onfirming the disallowance made by the AO by invoking the provisions of Section 40A(3) of the Act - YES: ITAT
- Appeal partly allowed: AHMEDABAD ITAT
2022-TIOL-1272-ITAT-RAJKOT
Ardeec Engineering Sau Pvt Ltd Vs Pr.CIT
Whether the PCIT erred in exercising jurisdiction u/s 263 when the order of the AO was not prejudicial to the interest of the Revenue- YES: ITAT
- Appeal allowed: RAJKOT ITAT
