The ITAT Ahmedabad addressed various issues. On the 40(a)(ia) ...

Expenses disallowed due to non-deduction of TDS: Opportunity for representation granted. Waiver of loan: Addition u/s 41(1) deleted as this provision was not invoked.

Case Laws Income Tax

June 3, 2024

The ITAT Ahmedabad addressed various issues. On the 40(a)(ia) addition, the assessee failed to provide necessary details justifying deductions disallowed in earlier years due to non-TDS deduction. The Tribunal emphasized the need for supporting documents and allowed deductions on actual payment basis. Regarding u/s 36(1)(va), the Tribunal dismissed the appeal based on a precedent. For unsecured loan waiver, the Tribunal held that waiver of loan is not taxable u/s 28(iv) as it's a cash benefit. The Tribunal directed deletion of the addition u/s 41(1) as neither the AO nor CIT(A) invoked this provision. The assessee was granted another opportunity to present their case before the AO.

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The ITAT Ahmedabad addressed various issues. On the 40(a)(ia) ...

Expenses disallowed due to non-deduction of TDS: Opportunity for representation granted. Waiver of loan: Addition u/s 41(1) deleted as this provision was not invoked.

Case Laws Income Tax

June 3, 2024

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