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ITAT Ahmedabad

ITAT quashes section 147 proceeding as approval was granted by JCIT without verifying recorded reasons  

January 1, 2023 960 Views 0 comment Print

In present case approval has been granted by the ld. JCIT without verifying the reasons recorded by the AO for initiating the proceedings under section 147 of the Act which is contrary to the provisions of law.

Addition for difference in form 26AS due to service tax is not sustainable

January 1, 2023 666 Views 0 comment Print

Smt. Taraben Jayantilal Patel Vs DCIT-CPC (ITAT Ahmedabad) The appellant has computed ‘income from house property’ excluding of service tax whereas in Form 26AS it is inclusive of service tax. The order dated 06.08.2019 upon rectification under Section 154 of the Act, the income under the head ‘income from house property’ was computed at Rs.37,12,839/- […]

Section 43B not applicable to provision for Mining Closure Fund

January 1, 2023 594 Views 0 comment Print

Gujarat Mineral Development Corporation Ltd Vs DCIT (ITAT Ahmedabad) It is pertinent to note that the assessee company made provision in Mining Closure Fund as per the guidelines issued by the Ministry of Coal which is mandatory to each mining company. It is not disputed fact that the assessee made claim u/s 43B every year […]

Income from Leasing of Multiplex is Business Income

January 1, 2023 657 Views 0 comment Print

Deep Multiplex Pvt. Ltd. Vs ITO (ITAT Ahmedabad) The assessee consistently followed that the income derived from the lease charges on the multiplex is a business income of the assessee in earlier years as well as in the present year. The assessee has filed appeal before the Tribunal which on merit, the assessee has succeeded. […]

ITAT Condones Delay in filing Appeal due to Professional Lapse of Tax Consultant

December 31, 2022 780 Views 0 comment Print

Ishwarsingh Ramchandra Jangid Vs ITO (ITAT Ahmedabad) Prima facie it appears that the assessee is not in town during the specific period of assessment proceedings as well as the proceedings before the CIT(A) and the assessee’s consultant has not taken proper measure for filing the appeal before the CIT(A) and also not appeared before the […]

Proceedings u/s 153C untenable as material seized during third party search not proved as belonging to assessee

December 30, 2022 1998 Views 0 comment Print

ITAT Ahmedabad held that AO failed to prove that material seized, during the course of search in case of third party, belong to the assessee. Hence, invocation of proceedings u/s. 153C of the Income tax Act is against the provisions of law

Advertisement expense towards creation of brand image is revenue in nature

December 29, 2022 2985 Views 0 comment Print

ITAT Ahmedabad held that advertisement expenses incurred at the time of installation of additional machinery in the existing line of business resulted in any enduring benefit is revenue expenditure Further advertisement expenses incurred to create brand image is revenue expenditure.

Disallowance of loss on share unsustainable as evidences duly submitted

December 23, 2022 645 Views 0 comment Print

ITAT Ahmedabad held that disallowance of loss on share on mere conjecture and surmises is unsustainable as assessee duly submitted all the evidences.

Disallowance of entire bogus purchase unjustified as corresponding sale of finished product taxed

December 21, 2022 6282 Views 0 comment Print

ITAT Ahmedabad held that only certain percentage of alleged bogus purchases should be disallowed. Disallowance of entire alleged bogus purchase unjustified when corresponding sale of finished product has been subjected to tax.

Sanction from Joint Commission for reopening of assessment beyond four years is bad in law

December 20, 2022 1353 Views 0 comment Print

ITAT Ahmedabad held that as per provisions of section 151(1) of the Income Tax Act reopening of assessment beyond four years period needs sanction from either Principal Chief Commissioner/ Chief Commissioner/ Principal Commissioner or Commissioner. However, sanction from Joint Commissioner in the present case makes the entire reopening proceedings bad in law.

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