ITAT Ahmedabad

Income on sale of technical concept was taxable as non-compete fee u/s 28(va)

Ashish Tandon Vs ACIT (ITAT Ahmedabad)

Income on sale of a technical concept, that assessee developed on his own, with respect to website malware monitoring was non-compete fee taxable as business income under section 28(va) as the consideration was in respect of parting the knowledge by assessee concerning confidential information relating to the business....

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Only ‘mistake apparent from record’ can be rectified U/s. 254 (2)

ITO Vs Devendra J Kothari (ITAT Ahmedabad)

High Court faulted the Tribunal's decision of reducing the penalty as a 'way to bypass the minimum limit' and the Tribunal was in error in granting the relief, the same does not constitute a mistake apparent from the record so as to enable the Tribunal to revisit its decision...

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Loss incurred on derivative transactions allowable as business loss

Magic Share Traders Ltd. Vs DCIT (ITAT Ahemdabad)

Since loss arising from derivative transactions were excluded from being regarded as speculative business under section 43(5)(d) as per Explanation to section 73, therefore, the loss incurred on account of derivatives was business loss and allowed to be set off against business income....

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Company Eligible for deduction of expense on Vehicle Registered in the name of Director

DCIT Vs M/s. Deversons Industries Pvt.Ltd. (ITAT Ahmedabad)

DCIT Vs M/s. Deversons Industries Pvt.Ltd. (ITAT Ahmedabad) The Assessing Officer during the assessment proceedings found that the vehicles were registered in the individual name of the Directors. But the assessee claimed the depreciation and the vehicle expenses in its income-tax return. However, the Assessing Officer was of the view tha...

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No disallowance u/s 40(a)(ia) on payment to film distributors u/s 40(a)(ia) if not subject to TDS

ITO Vs M/s. Eylex Films Pvt. Ltd. (ITAT Ahmedabad)

Payment to the film distributors is not subject to TDS and therefore disallowing expense by invoking the provisions of Section 40(a)(ia) is not justified...

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Deduction u/s 10B allowable based on approval from STPI despite non-ratification by Board

DCIT Vs Ms Hitech Infosoft (ITAT Ahmedabad)

Deduction under section 10B could not be denied on the ground that the approval of STPI units of the assessee was not ratified by the Board of approvals as mandated u/s 10B....

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Deduction U/s. 54F can be claimed against Gain on Multiple Assets in Multiple Years

Shri Pankaj Chimanlal Patel (HUF) Vs DCIT (ITAT Ahmedabad)

Shri Pankaj Chimanlal Patel (HUF) Vs DCIT (ITAT Ahmedabad) The essential controversy in the instant case is whether deduction under 54F of the Act is available in respect of capital gains arising from sale of more than one long term capital assets, not being residential house (original asset) against the construction or purchase of one [&...

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Validity of exclusive method of accounting for valuing closing stock

DCIT Vs. Ms. Adani Gas Ltd. (ITAT Ahmedabad)

Assessee was justified in following exclusive method of accounting for valuation of closing stock as entire exercise was tax neutral and there was no impact on the profitability of assessee due to method of accounting followed. ...

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Expenditure on removal of encumbrance includible in cost of new house property

ACIT Vs Himanshu Jayanti Lal Kamdar (ITAT Ahmedabad)

While computing exemption under section 54F, expenditure incurred towards vacating the new house property from tenants were includible as part of its cost, because existence of encumbrance was specified in the purchase agreement and original cost of acquisition was much lower than fair market value of the house property due to such attach...

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Exemption U/s 54F allowable on capital gain on sale of depreciable assets

Shri Shrawankumar G. Jain Vs ITO (ITAT Ahmedabad)

Assessee was entitled to claim exemption under section 54F on gain earned on the sale of factory shed as factory shed inherently being long-term capital asset as per the provision of Section 2(42A) even if sale of factory shed was subject to short-term capital gain on the basis of deeming provision as specified under section 50. ...

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