ITAT Ahmedabad

Penalty U/s. 271AAA cannot be levied if revenue NOT Made enquiry as regards manner of deriving of undisclosed income

The Jt. Commissioner of Income-tax Vs Shri Jayendra N. Shah (ITAT Ahmedabad)

Where revenue itself failed to enquire from assessee as regards the manner in which undisclosed income admitted under section 132(4) was derived, the assessee could not be held guilty of not substantiating the manner of deriving of such undisclosed income, therefore, no penalty under section 271AAA could be levied....

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Same Undisclosed Income cannot be taxed in the hand of both Partners & Partnership Firm

Maheshbhai Shantibhai Patel Vs ITO (ITAT Ahmedabad)

Maheshbhai Shantibhai Patel Vs ITO (ITAT Ahmedabad) The taxability of undisclosed income detected in the course of search in the case of partnership firm where the assessee is a partner is in question. We shall first take a look into the second proposition raised on behalf of the assessee. On behalf of the assessee, it […]...

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Section 56(2)(vii) HUF can’t be treated as a ‘Donor’ of Gift

Gyanchand M. Bardia Vs. The Income Tax Officer (ITAT Ahmedabad)

Gyanchand M. Bardia Vs. ITO (ITAT Ahmedabad) The first dispute between the parties is qua validity of assessee’s gift claim as received from the HUF amounting to Rs. 1,02,00,000/- coming through banking channel. Both the lower authorities are of the view that an HUF does not come under the specified category of a relative in […]...

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Registration U/s.12AA cannot be cancelled for mere failure to communicate amendment in trust deed

Paramount Charity Trust Vs CIT (ITAT Ahmedabad)

ITAT held that If amended objects of the trusts are not non-genuine and charitable in nature, then mere failure on the part of the assessee to intimate this amended objects to the department would not goad the ld. Commissioner to cancel registration....

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Interest U/s. 244 allowed on Refund of excess interest charged U/s. 234B

Asstt. CIT Vs Development Board (ITAT Ahmedabad)

ACIT Vs Development Board (ITAT Ahmedabad) The central question involved in the present appeal is whether the expression ‘in any other case’ occurring in section 244A(1)(b) of the Act would include interest on an amount of refund resulted from reversal of excess interest charged under s.234B of the Act. As per Income Tax computation f...

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No Penalty for cash above Rs. 20000 from relatives due to Business Exigencies

Mr. Girishkumar Popatlal Vs JCIT (ITAT Ahmedabad)

The ld. counsel vehemently stated that the legislative intent in prohibiting the acceptance and repayment of money in cash over and above Rs. 20,000/- is to check the unaccounted money and not to hit the genuine business need....

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Section 50C: Sale value approved by Charity Commissioner had to be followed in case of Trust’s Sale Deed

DCIT Vs. Saifee Jubiee High School & Madressa Yusufiyan Society (ITAT Ahmedabad)

This Revenue’s appeal and assessee’s cross objection for assessment year 2010-11 arise against the CIT(A), Gandhinagar’s order dated 22.05.2014, in case no. CIT(A)/GNR/2 12/2013-14, reversing Assessing Officer’s action making long term capital gains addition of Rs. 70,34,635/- by invoking Section 50C of the Act, in proceedings u/s...

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ITAT on Calculation of Month for Interest on delay in payment of TDS

Bank of Baroda Vs. Dy. CIT (ITAT Ahmedabad)

Assessee’s contention for levy of interest for the second month could arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month, was justified. Thus, AO was directed to re-compute the levy of interest under section 201(1A) accordingly....

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ITAT recalls Ex-Parte order as Consultant was pre-occupied with GST work

Paresh Nanubhai Shiroya Vs ITO (ITAT Ahmedabad)

Applicant along with their staff were extremely pre-occupied with the GST work of transition and registration of the dealers. Since, it was a new enactment and there were enormous complexities and unclearity, apart from the technological problems, continuously issued circulars and instructions etc., the said tax consultant could not file ...

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ITAT allows ‘Rasna’ Loss on account of destroyed stock

Rasna Pvt. Ltd. Vs Dy. CIT (ITAT Ahmedabad)

These are four appeals by the assessee and revenue against each other against the order of the Commissioner of Income Tax (Appeals)-XI & VIII, Ahmedabad, dated 25/11/2011 & 27/09/2012 for the Assessment Years (AYs) 2008-09 & 2009-10....

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