ITAT Ahmedabad

No Penalty for Delay in filing AIR due to reasonable cause

Sub Registrar Dhansura Vs Director of Income Tax (ITAT Ahmedabad)

Sub Registrar Dhansura Vs DIT (ITAT Ahmedabad) Appellant is a Govt. servant and ld. AR stated that they have assigned job to submit AIR to some outsources agency and sometime staff of the outsources agency become careless. In these case, appellant is a newly incumbent with the office and was not aware of the income […]...

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TDS not deductible on Roaming Charges & Discounts to Distributors

The Dy. CIT Vs M/s. Vodafone West Ltd. (ITAT Ahmedabad)

Roaming services are provided by telecom operators are in the nature of use of standard facilities, which do not require any human interface. Further, since the roaming charges are not paid for rendering managerial, technical or consultancy services, said services cannot be construed as fees for technical series as defined under provision...

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Payment of little higher rate of interest on unsecured loans justified as it involves lesser formalities

DCIT Vs. M/s. Ahmedabad Strips P. Ltd. (ITAT Ahmedabad)

There is no dispute with regard to the fact that creditors do fall within the category of specified persons contemplated in section 40A(2)(b) of the Act. Short question before us is, whether payment of interest at the rate of 18% to such persons on the loans availed from them is excessive or not, having regard to the fair market value of ...

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No addition in the hand of Firm for capital introduced by the partner

The Income-tax Officer Vs. M/s. Shree Kastbhanjan Dev Developers (ITAT Ahmedabad)

In the case of The Income-tax Officer vs M/s. Shree Kastbhanjan Dev Developers, the Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that firm cannot be assessed for unexplained cash credits in respect of capital introduction by its partner....

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Reference to DVO is mandatory for invoking Section 50C (2 )

Amarshiv Construction Pvt. Ltd. Vs. D.C.I.T. (ITAT Ahmedabad)

Impugned addition u/s.50C(2) of the Act mandates reference to DVO in case an assessee contests the jantri price in question to be higher than fair market value of the relevant capital asset. ...

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Compensation for resigning is eligible for tax benefit U/s. 10(10B) as Retrenchment Compensation

Vishnu Mohan T Nair Vs. Income Tax Officer (ITAT Ahmedabad)

Right now we are dealing with an employee who is giving up his source of livelihood under the threat of dislocation, and the hyper technical interpretations based on technicalities about the wordings in the settlement deed, signed by him under these compelling circumstances, is being taken as the understanding about assessee’ s actual c...

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SEZ developer eligible for deduction U/s. 80-IAB on income earned from SEZ operation & maintenance

ACIT Vs. Zydus Intrastructure Pvt. Ltd. (ITAT Ahmedabad)

Assessee being developer of SEZ was eligible for deduction under section 80-IAB for income earned from operation and maintenance of SEZ....

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Set off of LTCG on sale of Land against Loss on off-market sale of shares

ACIT (OSD) Vs. Deepakbhai N. Parikh (ITAT Ahmedabad)

By adopting tax planning, long-term loss on sale of shares suffered by assessee on off-market sale transactions can legitimately be adjusted against long-term capital gains on sale of land....

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Sec. 54 Cost of residential house includes cost of furniture if it forms part of house Purchase

Rajat B Mehta Vs. ITO (ITAT Ahmedabad)

It could not have been open to the authorities below to treat the payment of Rs 18,00,000 on account of furniture and fixtures on standalone basis, and thus exclude it as a separate item rather than as a cost of the residential house so purchased. In our considered view, therefore, the assessee is entitled to deduction under section 54F ...

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No disallowance for monetary benefits given to doctors before 01.08.2012

Income-tax Officer Vs. Sunflower Pharmacy (ITAT Ahemdabad)

A.O. disallowed the payment of commission made by the assessee to the above said two doctors namely (i) Dr. Ramanbhai S. Patel Rs. 17,52,130/- and (ii) Dr. Ratilal G. Patel Rs. 23,87,001/- totaling to Rs. 41,39,131/- and added to the total income u/s. 37(1) of the Act....

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