ITAT Ahmedabad

Full value of consideration used in section 48 does not have reference to market value

Assistant Commissioner of Income Tax Vs Akash Association (ITAT Ahmedabad)

Reference to DVO for determination of market value for the purpose of computation of capital gains under section 48 would be wholly redundant since main thrust of section 48 is the full value of consideration received or accruing as a result of transfer of capital asset and not the fair market value thereof....

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Amount Deducted for Notice Period is not Taxable as Salary

Shri Nandinho Rebello Vs DCIT (ITAT Ahmedabad)

It is pertinent to note that the assessee has actually received the salary from his previous employers after deducting the notice period as per the job agreement with them. Therefore, in our considered view, the actual salary received by the assessee is only taxable....

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Income from Share Trading in the nature of business cannot be treated as ‘Capital Gain’

Income-Tax Officer Vs Manusi Securities Pvt. Ltd. (ITAT Ahemdabad)

Assessee is regularly in the business of purchase-sale of equity shares, share transactions entered during the year were in large number, funds were borrowed for the purpose of trading, no separate account has been maintained for the investment portfolio and all the transactions of purchase sale raised are only for one scrip namely Suraj ...

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Assessee cannot be burdened with tax liability on mere assumption

Late Shri Shankarbhai Udhavdas Jetwani Vs ITO Ward-5(4) (ITAT Ahmedabad)

When the assessee has been alleging that he was only extending facility to his client for delivery of lignite and coal, he has not acted as an agent between client and truck owners. Therefore, in our opinion, merely on assumption basis, the assessee should not be burdened with tax liability....

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No deduction U/s. 80P to Co-Operative Societies on Interest from FDRs with Banks

Shree Modhpatni Co-op Credit Society Ltd. Vs. DCIT (ITAT Ahemdabad)

Interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act...

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In absence of trust deed CIT cannot consider Trust Registration Application

Shri Swaminarayan Mandir Vs Director of Income-tax (Exemption) (ITAT Ahemdabad)

In the present case, the assessee was not having any trust deed. So it is quite difficult for the ld. Commissioner to arrive at a firm conclusion about the objects of the trust. In case the trust deed is being written after application for grant of registration, then that deed can never be seen through by the ld. Commissioner for satisfyi...

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Income tax withheld abroad in respect of which no foreign tax credit is admissible, cannot be allowed U/s. 37(1)

Dy. Commissioner of Income Tax Vs Elite core Technologies Private Limited (ITAT Ahemdabad)

These cross appeals are directed against the order dated 29th December 2015 passed by the CIT(A) in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2012-13. Both of these appeals are being disposed of, as a matter of convenience, by this consolidated order....

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Salary to partners as per deed and Income Tax Act cannot be disallowed

DCIT Vs M/s. Eurotex Chemicals (ITAT Ahemdabad)

Salary to the partner is being regulated by the provisions of section 40(b) of the Income Tax Act. It is to be paid in accordance with the provision stipulated in the deed which should be in commensurate with the provisions of section 40(b) of the Income Tax Act. On such salary payment, provisions of section 40 A(2) cannot be invoked....

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TDS U/s. 195 not applicable on Payment under Secondment if same is taxable in India as Salary

Burt Hill Design Pvt Ltd Vs Deputy Commissioner of Income Tax (ITAT Ahmedabad)

By way of this appeal, the assessee appellant has challenged correctness of learned CIT(A)’s order dated 10th Jul 2012, in the matter of assessment under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for the assessment year 2009-10....

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Capital gains from penny stocks cannot be denied on presumption

Smt. Sunita Jain Vs Smt. Rachna Sachin Jain (ITAT Ahmedabad)

Bogus penny stock capital gains: Claim of the assessee cannot be denied on the basis of presumption and surmises in respect of penny stock by disregarding the direct evidences on record relating to the sale/purchase transactions in shares supported by broker’s contract notes, confirmation of receipt of sale proceeds through regular bank...

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