ITAT Ahmedabad

Bona fide mistake should be demonstrated with Circumstantial Evidence

Swift Knit Pvt.Ltd. Vs ITO (ITAT Ahmedabad)

Swift Knit Pvt.Ltd. Vs ITO (ITAT Ahmedabad) Only arguments raised by the ld.counsel for the assessee is that, it was an inadvertent and bona fide mistake while filing the return. Question before us is, how such mistake was committed and how it could be termed as an inadvertent or bona fide mistake. In the case […]...

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S. 263 CIT must show that view taken by AO is wholly unsustainable in law

Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad)

Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad) Revisional Commissioner is expected show that the view taken by the AO is wholly unsustainable in law before embarking upon exercise of revisionary powers. The revisional powers cannot be exercised for directing a fuller inquiry to merely find out if the earlier view taken is erroneous...

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ITAT on Levy of late fee u/s 234E merely by processing TDS statement

Origins Build-Tech Pvt Ltd Vs ACIT (ITAT Ahmedabad)

Origins Build-Tech Pvt Ltd Vs ACIT (ITAT Ahmedabad) Issue- The learned CIT(A)-8 is unjustified & erred in law by confirming the imposing of late filing levy by ACIT [CPC-TDS) of Rs.30800/- u/s 234E determined to be payable by processing TDS statement u/s 200A, without issuing show cause notice. The late fee u/s 234E is penal in natu...

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Deduction U/s. 54 cannot be denied proportionately merely for Joint Ownership

Shri Chitrang M. Dave Vs The DCIT (ITAT Ahmedabad)

Shri Chitrang M. Dave Vs DCIT (ITAT Ahmedabad) The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the benefit of capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be denied to a joint owner who made the total investment in the purchase of the […]...

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Addition for Cash Received Against Sale of Agricultural Land Not Disclosed In Sale Deed

Shri Jafrudin Kaji Vs The Income Tax Officer (ITAT Ahmedabad)

Shri Jafrudin Kaji Vs The ITO (ITAT Ahmedabad) It is an undisputed fact that the assessee sold land for Rs.72 lakhs as evident from the sale deed. Therefore, the argument of the learned counsel for the assessee that the amount of cash deposits represents the sale consideration of agriculture land is without any substance. However, [&helli...

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Compounding Fee paid to Legal Metrology Dept is allowable expense

Ocean Agro Vs DCIT (ITAT Ahmedabad)

Ocean Agro (India) Ltd. Vs DCIT (ITAT Ahmedabad) A short issue before us is, whether compounding fees expended by the assessee is compensatory in nature, and allowable expenditure under section 37(1) or not. We find that Explanation 1 appended to section 37(1) of the Income Tax Act prohibits allowance of any expenditure, if it was incurr...

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Addition for interest U/s. 244A cannot be made in absence of intimation regarding grant of interest

Denis Chem Lab Ltd. Vs ACIT (ITAT Ahmedabad)

Since assessee had not been served with any intimation or any other communication regarding the grant of interest under section 244A for assessment year 2009-10 and refund in question had been directly credited by department to bank account, the amount of interest had been provided in financial year 2015-16 on receiving of information fro...

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S.54 Assessee to offer exemption claimed to tax on return of money given to builder

Suhas Vasantrao Joshi Vs DCIT (ITAT Ahmedabad)

Suhas Vasantrao Joshi Vs DCIT (ITAT Ahmedabad) If an assessee booked a flat under self-finance scheme of DDA or any other similar situated institutions, then it would be construed that the assessee has fulfilled conditions enumerated in section 54 and would be entitled for the exemption. In the present case also the assessee has booked [&...

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If decisions of non-jurisdictional High Courts are in conflict with each other than decision favourable to assesse must be followed

Income-tax Officer Vs Upkar Retail (P.) Ltd. (ITAT Ahmedabad)

ITO Vs Upkar Retail (P.) Ltd. (ITAT Ahmedabad) We find guidance from the judgment of Hon’ble Supreme Court in the matter of CIT v. Vegetable Products Ltd. [1973] CTR (SC) 177 : [1972] 88 ITR 192 (SC) Hon’ble Supreme Court has laid down a principle that “if two reasonable constructions of a taxing provision are […]...

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Bill discounting charges cannot be considered as Interest for TDS U/s. 194A

Omkara Impex & Merchandise P. Ltd. Vs. ITO (ITAT Ahemdabad)

Discounting charges are outside the purview of interest expenses, therefore, in our considered view, the question of making any disallowance on account of non-deduction of TDS on such discounting charges does not arise. ...

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