ITAT Ahmedabad

ALP provisions apply even if assessee is eligible for 100% section 10A/10B tax exemption

Doshi Accounting Services Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

Transfer Pricing: ITAT held that even if an assessee is eligible for tax exemption at the rate of hundred percent under section 10A/10B of the Act, then also the arm’s length price on international transactions deserve to be determined under section 92C of the Act. ...

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Section 54F Deduction cannot be denied for mere non deposit of amount in bank a/c

Nandkishore Ramanlal Parikh- HUF Vs ITO (ITAT Ahmedabad)

Where assessee did not deposit sale consideration in the bank account maintained under the capital gains scheme before the due date of filing of return but otherwise purchased new house within two years, as stipulated in section 54F(1), then deduction under section 54F could not be denied to assessee....

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Company entitled for depreciation on Vehicle registered in name of director

Gold Finch Jewellery Ltd. Vs D.C.I.T. (ITAT Ahmedabad)

Though vehicles were registered in the name of directors of company, beneficial ownership vested with assessee since payment was made for the purchase of vehicles by the assessee. Thus, assessee was duly entitled for depreciation thereon, especially when assessee had claimed other expenses in connection with vehicle and non-disallowance t...

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Depreciation allowed in 1st Year cannot be disallowed in subsequent year(s) without change in facts

Bodal Chemicals Ltd. Vs Add. CIT (ITAT Ahmedabad)

Once revenue allowed the deduction for the depreciation claimed by the assessee, then it is debarred to reject the claim of the assessee in the subsequent year on the WDV carried forward from the earlier assessment year....

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Deduction U/s. 54 on Gain from Relinquishment of right in bungalow

Bhavin Piyushbhai Palkhiwala Vs ITO (ITAT Ahmedabad)

Relinquishment deed was made in financial year 2008-09. Thus, if any tax was required to be levied, then the same was to be levied in assessment year 2009-10, i.e., next year. Hence, assessee was entitled to benefit under section 54....

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Section 54F | Computation of holding period | Allotment date or Possession date

Nilam R. Kataria Vs ACIT (OSD) (ITAT Ahmedabad)

From ‘date of allotment’ of capital asset, i.e., 15-2-2007 the holding period was more than 36 months on sale of property on 4-8-2010 as such, revenue authorities were not justified in treating the holding period from date of registration of property, i.e., 30-9-2009 and treating it as short-term capital gains, deduction under section...

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Provision for interest liability accrued but not provided in books is deductible

DCIT Vs Core Healthcare Ltd. (ITAT Ahmedabad)

Provision for interest liability which was accrued but not provided for in books of account would be deductible under section 36(1)(iii) of Income Tax Act, 1961....

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Order must be passed in reasonable time in absence of prescribed statutory time limit with reference to collection of taxes

Adani Enterprise Ltd. Vs DCIT (ITAT Ahmedabad)

Adani Enterprise Ltd. Vs DCIT (ITAT Ahmedabad) We notice that no time limit has been prescribed for passing order under s.206C of the Act. The CIT(A) has assumed that in the absence of statutory time limit provided, the provisions of Section 201(3) of the Act providing time limit for deduction of tax at source can […]...

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Section 14A Disallowance cannot surpass quantum of exempt income

Shri Harish M. Kukreja Vs ITO (ITAT Ahmedabad)

Shri Harish M. Kukreja Vs ITO (ITAT Ahmedabad) The solitary issue involved in the present appeal is towards extent of disallowance permissible under s.14A of the Act. We find merit in the plea raised on behalf of the assessee that the disallowance under s.14A of the Act cannot surpass the quantum of exempt income in […]...

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Retrospective amendment cannot change tax withholding liability, with retrospective effect

DCIT Vs Amol Dicalite Ltd. (ITAT Ahmedabad)

Retrospective amendment in law does change tax liability in respect of an income, with retrospective effect, but it cannot change tax withholding liability, with retrospective effect....

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