ITAT Ahmedabad

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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ITAT Ahmedabad Dismisses 697 Low Tax Effect Dept Appeals

DCIT Vs Swati M Kankaria (ITAT Ahmedabad)

DCIT Vs Swati M Kankaria (ITAT Ahmedabad) 1. Vide CBDT circular dated 11th July 2018, the income tax department has announced its policy decision not to file, or press, the appeals, before this Tribunal, against the appellate orders favourable to the assessee in the cases in which overall tax effect, including surcharge but excluding in...

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No penalty on disallowance of Deduction U/s. 54B claimed under a bona fide belief

Nitinkumar Desai Vs ACIT (ITAT Ahmedabad)

Where assessee after, investing capital gain in purchase of new agricultural land within prescribed time, harbored a bona fide belief that there was not any tax liability of capital gain and substantiated his explanation with relevant evidence, imposition of penalty under section 271(1)(c) was unjustified....

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Mere failure to submit TRC U/s. 90(4) is not a bar to grant benefits under DTAA

Skaps Industries India Pvt Ltd Vs. ITO (ITAT Ahmedabad)

Skaps Industries India Pvt Ltd Vs. ITO (ITAT Ahmedabad) Section 90(4), in the absence of a non-obstante clause, cannot be read as a limitation to the treaty superiority under Section 90(2), we are of the considered view that an eligible assessee cannot be declined the treaty protection under section 90(2) on the ground that the […]...

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Will Tax Residency Certificate [TRC] be sufficient ? May not be?

Skaps Industries India Pvt Ltd Vs Income Tax Officer (ITAT Ahmedabad)

Author in this articles discusses recent decision of ITAT – Ahmedabad holding that: 1. an eligible assessee cannot be declined the Treaty protection under section 90(2) of the Income Tax Act, 1961 [the Act] on the ground that the said assessee has not been able to furnish a Tax Residency Certificate [TRC] in the prescribed form as requi...

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Income Transferred from Capital Fund A/c to Income is eligible for deduction U/s. 11

The ACIT (Exemptions) Vs State Examination Board (ITAT Ahmedabad)

Income Transferred from Capital Fund A/c to Income is eligible for deduction U/s. 11of Income Tax Act, 1961 and provisions of Section 11(3)(c) of the Act clearly permits to utilize the funds either within the specified period or in the next year immediately following the expiry of the period ...

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TDS U/s. 195 not deductible if Commission Income of Foreign Agent not Taxable in India

DCIT Vs M/s. Gujarat Microwax Pvt. Ltd. (ITAT Ahmedabad)

DCIT Vs M/s. Gujarat Microwax Pvt. Ltd. (ITAT Ahmedabad) ITAT held that the Commission income in the hands of foreign agent is not chargeable to tax in India in the given facts & circumstances and Once an income is not chargeable to tax in India then the question of deducting TDS under the provision of […]...

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Addition based on mere Statements during Survey without any Tangible Materials is invalid

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

DCIT Vs M/s. Real Strips Ltd. (ITAT Ahmedabad) The addition was solely made on the basis of the statement furnished by the production manager of the assessee at the time of survey. The lower authorities have not brought any iota of evidence suggesting that the assessee has suppressed the production leading to suppressed sale out […...

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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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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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