ITAT Ahmedabad

Brokerage paid by purchaser cannot be taken into account for Section 50C

ITO Vs Smt. Rajani Manhar Bhagat (ITAT Ahmedabad)

Since the market value of immovable property sold by assessee had to be Rs.2,60,05,348/- and the purchase consideration together with costs towards obtaining vacant property should stand at Rs.2,26,00,000/-, therefore, the long term capital gain would be Rs.34,05,348/- as per section 50C and the brokerage costs incurred on sale considerat...

Read More

Non-charging of interest on loan to director – Perquisite?

DCIT Vs Shri Shekhar G. Patel (ITAT Ahmedabad)

Non-charging of interest on the loan amount given by lending company to its director could not be a perquisite as no remuneration or salary in the capacity of the director had been drawn from the lending company nor any interest expenditure was shown in its profit and loss account....

Read More

ITAT on Exclusion of Interest and Rent for computing remuneration allowable to partners

ACIT Vs M/s. Asian Food Industries (ITAT Ahmedabad)

ACIT Vs M/s. Asian Food Industries (ITAT Ahmedabad) This is a settled principle of law that the interest income for the purpose of ascertaining ceiling on the basis of book profit, the profit shall be in the profit and loss account. The interest income, thus, cannot be notionally be excluded for the purpose of determining […]...

Read More

Penalty on the grounds of retrospective amendment not justified

DCIT (E) Vs Baroda Cricket Association (ITAT Ahmedabad)

DCIT (E) Vs Baroda Cricket Association (ITAT Ahmedabad) Article 20(1) of the Constitution of India provides certain protection in this regard which states that no person can be convicted for any offence except for a violation of a law in force at the time of action charged an offence, nor be subjected to a penalty […]...

Read More

Penalty cannot be imposed on disallowance of creditors for want of address verification

Kishor A. Sewani Vs ITO (ITAT Ahmedabad)

Where sundry creditors arising out of the purchases debited in the profit and loss account as revenue expenses, were added to income of assessee for want of the addresses of said creditors, that did not mean assessee had concealed the particulars of income or furnished inaccurate particulars of income, so as to impose penalty under sectio...

Read More

TDS u/s 195 on commission paid to overseas agents?

DCIT (OSD) Vs Jay Chemical Industries Ltd. (ITAT Ahmedabad)

Commission paid to non-resident agent was not liable to tax under the provisions of act when the services were rendered outside India, payments were made outside India and there was no permanent establishment or business connection in India, therefore, assessee was not required to deduct TDS u/s 195(2)....

Read More

Addition for Cash deposit in Bank explained without supporting documents justified

Amit Subhaschandra Acharya Vs ITO (ITAT Ahmedabad)

Amit Subhaschandra Acharya Vs ITO (ITAT Ahmedabad) The issue in the instant case relates to the cash deposited by the assessee amounting to Rs. 4,40,000/- in his saving bank account. The assessee claimed that the cash was deposited out of his past savings, salary income and out of the income of his wife. But the […]...

Read More

Penalty justified for Deliberate non-disclosure of income

Smt Joyti Sunil Maniyar Vs ITO (ITAT Ahmedabad)

Smt Joyti Sunil Maniyar Vs ITO (ITAT Ahmedabad) In the notice issued u/s 142(1) dated 11.10.2011 a specific query was raised by the AO about the capital gain income. After that, the assessee vide reply dated 22.11.2011 conceded the fact of non-disclosing the capital gain income. From the above, it is transpired that the assessee […...

Read More

Claim of deduction accepted by AO despite unequivocal language of Act is erroneous U/s. 263

Paras Chinubhai Jani Vs Pr. CIT (ITAT Ahmedabad)

Claim of deduction accepted by the AO despite unequivocal language of the Act, in our view, is erroneous as contemplated under s. 263 of the Act. Such error on the part of the AO has caused definite prejudice to the interest of the Revenue. ...

Read More

TCS not deductible if buyer declares use of goods for Manufacture

ACIT (OSD) Vs M/s. Bansal Ship Breakers P. Ltd. (ITAT Ahmedabad)

ACIT Vs M/s. Bansal Ship Breakers P. Ltd. (ITAT Ahmedabad) Any person responsible for collecting taxes (TCS) under section 206(1) need not to do so if he obtains a declaration from the buyer that he is purchasing the goods for re-use in manufacturing process or producing article or things. It does not say that such […]...

Read More

Browse All Categories

CA, CS, CMA (4,238)
Company Law (4,949)
Custom Duty (7,351)
DGFT (3,974)
Excise Duty (4,229)
Fema / RBI (3,814)
Finance (3,990)
Income Tax (30,556)
SEBI (3,181)
Service Tax (3,468)