ITAT Rajkot

GP on unaccounted Sales cannot be less than that of Accounted Sales

Income Tax Officer Vs Paraskumar V.Kataria Prop. (ITAT Rajkot)

We note that GP rate on the accounted sales estimated by the assessee himself stands at 07.29%. We thus fail to understand as to how the GP for the unaccounted sale should be so lower at 03.56% which is less than half of the GP rate declared by the assessee himself on accounted sales....

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No disallowance for Non deduction of TDS on amount paid to Tata Group Companies

Shri Navubha J. Chavda Vs Income Tax Officer (ITAT Rajkot)

In the present appeal, the assessee is aggrieved by the action of the Commissioner of Income Tax (Appeals)-Jamnagar [CIT(A)- in short] in confirming the addition of Rs.3,25,528/- made by the Assessing Officer (AO) under s.40(a)(ia) of the Income Tax Act, 1961 (hereinafter referred to as the Act)....

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Swift Dzire classifiable as LMV & eligible for additional depreciation

M/s. Mahendra & Co. Vs ITO (ITAT Rajkot)

In the present case, the ld.AO has granted depreciation at the rate of 15% without examining relevant provisions. It appears that his finding is based upon his experience and past impression. He was of the opinion that once Board has not granted higher rate of depreciation to cars, which are put in the business of hiring, or in public tra...

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Benefits under Indo-Singapore tax treaty cannot be denied where such income have taxed on accrual basis in treaty country

GAC Shipping India Pvt. Ltd. Vs ITO – International Taxation (ITAT Rajkot)

ITAT Rajkot held In the case of GAC Shipping India Pvt. Ltd. vs. ITO – International Taxation that entire freight income of the assessee, which is only from operation of ships in international traffic, is taxable only in Singapore....

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If intention for trade in share is earning quick Profit by frequent trading, such profit taxable as business income

Deputy Commissioner of Income-tax Vs Mukeshbhai Babulal Shah (ITAT Rajkot)

Intention of the assessee was to turn over the stock as frequently as possible to ensure quick realization of profits on sale of shares. In the Tax Audit Report, the nature of the business of the assessee has been shown as trading of shares. The tax auditor has come to the aforesaid conclusion after due examination of the books of account...

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Amendment to sec. 40(a)(ia) vide Finance Act, 2010 was retrospective in nature

Rana Builders Vs Income-tax Officer, Ward 1(2), Junagadh (ITAT Rajkot)

Bare perusal of the scheme of Chapter XVII-B shows that it mandates the person responsible for paying any sum out of which tax is required to be deducted at source to deduct the requisite amount of tax at source out of the amounts paid/credited by him. Deduction of tax is made out of the amounts paid/credited by the person responsible for...

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TDS cannot be postponed till last date of accounting period, HC ruling in virgin Creations will not apply

Income-tax Officer - Ward 1(4) Vs Bhoomi Construction (ITAT Rajkot)

A judgment is an authority for what it decides. It applies only to those cases in which the requisite amount of tax has been deducted at source out of payments made to the payee and thereafter deposited on or before the due date stipulated by law....

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‘Freight beneficiary’ in a shipping business to be assessed under normal Income tax provisions and not u/s. 172

Income-tax Officer, International Taxation Vs Marine Containers Services (India) (P.) Ltd. (ITAT Rajkot)

Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Looking to the magnitude of the voyages undertaken by the freight beneficiary and the fact that the respondent-company has been, as observed by the ld. CIT(A), regularly filing its return of income at Mumbai and being assessed to tax at Mumbai, the [&h...

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No deduction U/s.10A if Assessee do not file ROI within the due date

Saffire Garments Vs Income-tax Officer (ITAT Rajkot)

The Proviso to s. 10A(1A) provides that no deduction under this section shall be allowed to an assessee who does not furnish a return of his income on or before the due date specified u/s 139(1). The assessee’s argument that the said Proviso is merely directory and not mandatory is not acceptable. ...

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Jurisdictional AO may verify position & take such action as may be warranted in law u/s. 172(7)

Income-tax Officer (International Taxation) Vs Albatross Shipping Ltd. (ITAT RAjkot)

Admittedly, the Rajkot Bench of the Tribunal in the case of I.T.O V/s M/s CMA CGM Agencies (India) Pvt. Ltd. (supra) on identical facts relied on by the ld. counsel of the assessee, quashed the order passed u/s 172(4) of the Act with the observation that the jurisdictional AO may verify the position and take such action as may be warrant...

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