ITAT Ahmedabad

Entire consideration received by an entry provider not taxable as business income

DCIT Vs Nexus Software Ltd. (ITAT Ahmedabad)

ITAT Ahmedabad held that consideration received by the assessee, being an entry provider, as accommodation entry cannot be taxed entirely as business income....

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Investment in gold duly reflected in books of accounts cannot be added as unexplained

Vishal Dilip Palani Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that investment made in gold ornaments was duly recorded in the books of accounts and also reflected in the block of assets. Hence, such investment cannot be stated to be remained unexplained....

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CESTAT drops demand on Goods found in Registered Public Bonded Warehouse

C.C.E. & S.T. Vs Modest Infrastructure Ltd (CESTAT Ahmedabad)

C.C.E. & S.T. Vs Modest Infrastructure Ltd (CESTAT Ahmedabad) Whether the duty free material found during the search of the premises of M/s Modest at Warehouse- 2 can be considered as lying outside the bonded warehouse and registered premises of M/s Modest, consequently liable for payment of custom duty as proposed in the show cause [...

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During Assessment AO should take cognisance of revised return: ITAT

Kothari Brothers Vs ITO (ITAT Ahmedabad)

Kothari Brothers Vs ITO (ITAT Ahmedabad) The assessee submitted that the appeal before the CIT(A) was filed in respect of rejection of rectification application and thereby disallowance of claim for carry forward losses in revised return needs to be looked into. The original return of income for A.Y. 2007-08 was filed on 24.11.2007 declar...

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TCS applicable on Scrap Sale by Trader, Not Engaged in Manufacturing Activity

Umeshkuamr Harilal Shah Vs ITO (TDS) (ITAT Ahmedabad)

Umeshkuamr Harilal Shah Vs ITO (TDS) (ITAT Ahmedabad) It is undisputed fact that the assessee is not a manufacturer and the scrap which was sold by the assessee was not from the manufacturing activity. The decision of the Special Bench in case of Bharti Auto Product (supra) was observed that scrap means wasted which is […]...

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Change of opinion or review while exercising Section 263 is not permitted

Jitendrakumari Dilavarsinhji Jadeja Vs PCIT (ITAT Ahmedabad)

PCIT has given his own observation which amounts to review and change of opinion or review while exercising Section 263 is not permitted by the Income Tax Statute. Thus, the PCIT was not right in exercising Section 263 in assessee’s case....

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Exemption u/s 10 unavailable as land doesn’t qualify as agricultural land

Manish Ambalal Patel Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that exemption under section 10 of the Income Tax Act not available as the said land was non-agricultural land as it failed to fulfil twin conditions for qualifying as agricultural land....

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Addition of cash deposited in bank account not belonging to assessee is unsustainable

Yaminiben Sandkumar Bhatt Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad assessee has duly submitted banks certificate disclaiming the existence of such bank accounts belonging to the assessee. Hence, addition of cash deposited on such non-existing bank account unsustainable...

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Foreign Currency Bond (FCCB) expenses allowable as revenue expenses

ACIT Vs ORG Informatics Limited (ITAT Ahmedabad)

ACIT Vs ORG Informatics Limited (ITAT Ahmedabad) Assessee stated that the issue of FCCB is a Foreign Currency Bond issue and it is basically a debt instrument in the nature of loan and all issue expenses related to that are allowable as revenue expenses. This issue is not a public issue but is made to […]...

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Addition upheld as genuineness of purchase and sale of shares not explained

Ashish Manoj Bhatia Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that genuineness of source of purchase and sale of shares thereof remained unexplained and hence concluded that the sale of such shares were only accommodation entry and accordingly addition of entire sale consideration upheld....

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