ITAT Ahmedabad

No section 263 Proceedings for related party transaction excluded from definition of specified domestic transaction

Shri Ashish Subodchandra Shah Vs PCIT (ITAT Ahmedabad)

Commissioner issued a show cause notice under section 263 and ultimately passed impugned order; by that time the alleged domestic transaction of purchase from related party was not required to be considered as a specified domestic transaction under section 92BA of the Act. It has been omitted, and therefore, no proceedings under section 2...

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No interest expense disallowance when own fund exceeds capital work-in-progress

Axis Bank Limited Vs DCIT (ITAT Ahmedabad)

As own fund of the assessee exceeds the amount of capital work in progress. A presumption can be drawn that the own fund is utilized in such capital work in progress. Therefore there cannot be any disallowance on account of interest expenses....

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Section 271(1)(c) penalty not leviable when AO levied penalty under both charges

ITO Vs Shri Udaykumar D. Bhatt (ITAT Ahmedabad)

ITO Vs Shri Udaykumar D. Bhatt (ITAT Ahmedabad) Section 271(1)(c) cast responsibility upon the AO to reach the clear finding with respect to levy of penalty under the specific charge and if the AO fails to do so then the penalty cannot be levied as such penalty order shall not be maintainable in the eyes […]...

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Interest on FD/Bonds constituting business income can be included for Partners remuneration calculation

DCIT Vs Niyati Construction Co. (ITAT Ahmedabad)

DCIT Vs Niyati Construction Co. (ITAT Ahmedabad) The assessee has claimed that interest on Fixed Deposit, interest on SSNL Fixed Deposit and interest on SSNL Bonds was made out of surplus funds available with the assessee and the interest income was part of the business income. Therefore, the same was correctly included for calculating re...

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Income assessed by CPC, Bangalore cannot be taken as returned income

Ranuj Nagrik Sahakari Bank Ltd. Vs ITO (ITAT Ahmedabad)

Ranuj Nagrik Sahakari Bank Ltd. Vs ITO (ITAT Ahmedabad) Assessee has filed return of income declaring total income at Rs.32,01,050/-which was processed by the CPC, Bangalore under section 143(1) and assessed at Rs.37,66,259/-. In the scrutiny assessment under section 143(3), the ld.AO has taken the income of Rs.37,66,259/- assessed under ...

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Expense on conversion of debenture bond into equity share not allllowable

Sacmi Engineering India P. Ltd. Vs DCIT (ITAT Ahmedabad)

Sacmi Engineering India P. Ltd. Vs DCIT (ITAT Ahmedabad) main issue for our consideration is that whether the expenditure on conversion of debenture bond into equity share capital is revenue or capital expenditure. The claim of the assessee is that since capital base has been increased due to conversion of debenture for meeting working ca...

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AO must establish a live-link between escapement of income vis-à-vis Fresh information

ITO Vs Gujarat Storages P.Ltd. (ITAT Ahmedabad)

ITO Vs Gujarat Storages P.Ltd. (ITAT Ahmedabad) As far as banking transactions are concerned, these details were available with the AO. This information was given in the audited accounts. Any transactions shown in the bank statement could never be construed per se as an escaped income. It is the AO who has to form his […]...

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Assessee entitled to amortize expenses over concession period of BOT projects

DCIT Vs Welspun Projects Limited (ITAT Ahmedabad)

DCIT Vs Welspun Projects Limited (ITAT Ahmedabad) It was also argued by the learned DR that there is no provision under the Act for amortization of the expenses. Therefore, the assessee should not be allowed the deduction of the expenses amortized in the year under consideration. Undoubtedly, the assessee has incurred the expenses on the ...

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No addition for mere under-invoicing of sales to sister concern

ITO Vs Bajaj Herbals Pvt. Ltd. (ITAT Ahmedabad)

Addition made on account of under-invoicing of sales to sister concern was not justified unless and until export sales to sister concern were sham transaction....

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‘Deemed Dividend’ provisions not applicable if Advances were given to Shareholder for Business Purpose

ACIT Vs Krishna Coil Cutters Pvt. Ltd. (ITAT Ahmedabad)

ACIT Vs Krishna Coil Cutters Pvt. Ltd. (ITAT Ahmedabad) On facts, it has emerged that the lender company has charged interest on the advances made to the assessee company. In the circumstances, the Hon’ble Calcutta High Court in the case of Pradip Kumar Malhotra vs. CIT (2011)338 ITR 538(Cal) has observed that advances given by [&hellip...

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