Gujarat High Court

Sect. 36(1)(iii)- Interest-free loans & allowability of Interest on borrowings

Pr. CIT Vs. Consumer Marketing (India) (P) Ltd. (Gujarat High Court)

Where assessee paid interest on term loan which had entirely been used for purpose of purchasing the assets for purpose of business which were hypothecated to bank and it had sufficient interest-free funds to take care of advances, the deduction under section 36(1)(iii) was allowable....

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Reopening not permissible on the ground of expense which was not claimed by Assessee

Sandip Bhikhubhai Padsala Vs. ITO & Anr. (Gujarat High Court)

Assessee sold 3,10,000 shares and claimed resulting gains as exempt under section 10(38). AO denied the exemption on the ground that as the shares were not held by the assessee for more than 12 months period, therefore, same could not be considered as long-term capital assets. ...

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Courts have Limited Role in Professional Misconduct matters of CAs

Council Of ICAI Vs. Manubhai A Panchal & Co. (Gujarat High Court)

This Court while deciding a Reference needs to keep in mind the limitations of its role. It does not sit in appeal over the decision making process of the Disciplinary Committee and the recommendations so made by the Council of the Institute. Hence in examining the Report and the recommendation of the Council it cannot re-appreciate the ...

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Bogus Purchase- Addition by GP rate of 8% on bogus purchases justified

Pr. CIT Vs Jagdish H Patel (Gujarat High Court)

Assessee’s contention that adding the entire amount of bogus purchases would give a completely distorted figure and the gross profit would be higher than the total turnover. Such bogus purchases were for off-setting the purchases from producers and agriculturists directly who would not have the billing facility. Only question seriously ...

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Limitation of permitting correction of only four characters of PAN in TDS return is not justified

Purnima Advertising Agency Pvt. Ltd. Vs. Dy. CIT (Gujarat High Court)

Where on account of an inadvertent error, PAN of the deductee was wrongly mentioned by assessee, in TDS return, AO was not justified in not permitting the assessee to correct PAN of the deductee, putting the limitation of permitting corrections of only four characters. The case was, therefore, remanded....

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Merit not required to be considered in compounding application; Compounding can be rejected for repeat of offence

Vinubhai Mohanlal Dobaria Vs Chief CIT (Gujarat High Court)

Ptitioner has vehemently submitted that in present case compounding application of the petitioner has been rejected solely on the ground that it is not the first offence of petitioner....

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Mere allotment of PAN would not make allottee a Separate Entity

Sardar Vallabhbhai Patel Education Society Vs. ITO (Gujarat High Court)

Mere allotment of PAN under section 139A of the Act would not make the allottee necessarily a separate entity for the purpose of assessment of tax. The statute recognizes certain eventualities where quite outside the requirement of payment of tax and for filing return of income, the Assessing Officer may allot a PAN to individual....

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Hindu Succession Act: Hindu Daughter after Converting to Islam Not Loses Right to Inherit Property

Nayanben Firozkhan Pathan Vs Patel Shantaben Bhikhabhai (Gujarat High Court)

A change of religion and loss of caste was at one time considered as grounds for forfeiture of property and exclusion of inheritance. However, this has ceased to be the case after the passing of the Caste Disabilities Removal Act, 1850. Section 1 of the Caste Disabilities Removal Act inter alia provides that if any […]...

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Section 50C applies even to Unregistered Transfer of Capital Assets

Commissioner Of Income Tax- 6 Vs. M/s. Akash Association (Gujarat High Court)

Justices Akil Khureshi and Biren Vaishnav, in a recent ruling, held that section 50C of the Income Tax Act is applicable to a case where even a case where the document evidencing transfer of the capital asset has not been presented for registration...

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Special Audit justified if no book before AO and Specialized nature of business activities and multiplicity of transactions

Takshashila Realties (P.) Ltd. Vs Dy. CIT (Gujarat High Court)

As common question of law and facts arise in this group of petitions and as such in respect of the same assessee, but with respect to different assessment years, all these petitions are disposed of by this common judgment and order....

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