ITAT Ahmedabad

Allowability of Investment in new asset after furnishing of return U/s. 54

Anita Ajay Shad Vs ITO (ITAT Ahemdabad)

Anita Ajay Shad Vs ITO (ITAT Ahemdabad) When an assessee furnishes return subsequent to due date of filing return under section 139(1) but within the extended time limit under section 139(4), the benefit of investment made upto the date of furnishing return of income under 139(4) cannot be denied on such beneficial construction of section...

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Assessment order not become nullity for mere non-issue of notice upon legal heirs

Late Shri Atulkumar Mansukhlal Shah Vs. ITO (ITAT Ahmedabad)

The ld.counsel for the assessee while impugning the orders of Revenue authorities took us through section 159 of the Income Tax Act, 1961 and pointed out that as per sub-section (2) of section 159 notice upon legal heirs ought to have been issued by the AO, which the AO has failed to do so, and therefore, the assessment order is a nullity...

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Addition based on Fake Sale deed is not sustainable

Shri Gopichand Chhabaria Vs. CIT (ITAT Ahmedabad)

The fact of the second sale was denied and the same arguments were put forth, namely that (i) the assessee had no knowledge of the second deal and (ii) the purchasers of the property Kanekleta Umengbhai Thakker and Umangbhai HiralalThakker had filed affidavits stating that they paid only Rs.3.70 crores and that the sale deed of Rs. 1.37 ...

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Appropriate rate of interest for estimating ALV of Property let out without rent

ITO Vs. PASL Windtech (P) Ltd. (ITAT Ahemdabad)

In our opinion, for determining the income from the property, it should be rate of return on the investment of similar amount in another asset. Therefore, in our opinion, the Commissioner (Appeals) was fully justified in estimating the ALV on the basis of interest which assessee would have earned on the investment of the similar amount. ...

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Income disclosure under fear of penalty or other proceedings cannot be termed voluntary

Dy. CIT Vs. Mukesh Kalubhai Prajapati (ITAT Ahemdabad)

A disclosure made under the fear of a plausible penalty or other proceedings cannot be termed voluntary or made in good faith. Mere request for non-initiation of penalty on the ground of disclosure branding the same to be voluntary with a view to buy peace and avoid litigation will not take the assessee out of the scope and ambit of Expla...

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Preservation of Environment is charitable Activity eligible for Sec. 11(1)(a) exemption

ITO (Exemptions) Vs. Gujarat Environment Service Society (ITAT Ahmedabad)

Ahmedabad bench of the ITAT observed that the activities of the Gujarat Environment Service Society are charitable in nature. The main issue before the Tribunal was that whether the assesse is entitled for benefit of section 11(1)(a) of the Income Tax Act, 1961 or not. Section 11(1)(a) is about exemptions related to charity....

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Mere non-allowability of claim not sufficient to impose penalty U/s. 271(1)(c)

DCIT Vs. Parinay Organizers Pvt. Ltd. (ITAT Ahemdabad)

In an appeal before Ahmedabad ITAT, DCIT vs. Parinay Organizers Pvt. Ltd., one of the grounds raised was that whether on the facts of the circumstances of the case, the CIT(A) was justified in deleting the penalty levied by the AO on account of dis allowances of interest expenses of Rs. 44,19,194/- without considering the merits of the c...

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ITAT explains law on Levy of penalty U/s. 221(1)

Claris Life Sciences Limited Vs. Deputy Commissioner of Income Tax (OSD) (ITAT Ahemdabad)

An assessee is liable to penalty under section 221(1) of the Act in a case in which the though the assessee has not paid the self assessment tax under section 140A, while filing the return of income, but revises the income, by filing revised return of income, and pays the tax on the revised return of income at the time of filing the revis...

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Hoardings rent income of Housing Society is taxable as House Property Income

Bimanagar Co. Op. Housing Society Ltd. Vs ITO (ITAT Ahmedabad)

Bimanagar Co. Op. Housing Society Ltd. Vs ITO (ITAT Ahmedabad)- ITAT held that income earned by the assessee, in consideration of having given rights to have play hoardings etc. are taxable as income from house property. Accordingly, deduction under section 24(a) was indeed admissible in the present case. Full Text of the ITAT Order is [&...

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Penalty u/s 221(1) for default in payment of self assessment tax u/s 140A wrt Original / Revised Income Tax Return

Claris Life Sciences Limited Vs Deputy Commissioner of Income Tax (ITAT Ahemdabad)

Law explained on whether an assessee who defaults on paying self assessment tax u/s 140A while filing the return of income is liable for penalty u/s 221(1) if he files a revised return of income and pays the tax thereon at the time of filing the revised return of income ...

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