ITAT Ahmedabad

Travel expenses for seminar conducted abroad for medical practitioners with financial aid of Pharmaceuticals Company allowable

Bankers Cardiology Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

Travelling expenses incurred on seminar conducted in abroad by assessee-company with the financial aid of the pharmaceuticals company was justified as the same did not give any scope to treat the same for the purpose other than the business of assessee-company so far it related to the medical practitioners....

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Tax cannot be levied on Gift Received From Brother-In-Law

DCIT Vs Shri Arvind N. Nopany (ITAT Ahmedabad)

Once the identity, creditworthiness and genuineness of the transaction has been proved, gift received from the brother-in-law is exempted in terms of provisions of section 56....

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Deduction U/s. 54B on Purchase of new asset before furnishing Return either U/s. 139(1) or belatedly U/s. 139(4)

Manilal Dasbhai Makwana Vs ITO (ITAT Ahmedabad)

Though capital gain utilized towards purchase of new asset before furnishing of return of income either under section 139(1) or belatedly under section 139(4) would be deemed to be sufficient compliance of section 54B(2), therefore, denial of the deduction under section 54B towards purchase of agricultural land after the due date of filin...

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ITAT Guideline for expeditious hearing of cases referred to Special Benches & Third Members

Doshi Accounting Services Pvt Ltd Vs DCIT (ITAT Ahmedabad Special Bench)

Wherever special benches are constituted, the special benches shall, as far as possible, commence hearing within 120 days of the benches being constituted. In the cases in which the respective bench is not in a position to commence hearing of the matter within 120 days for any specific reason, e.g. directions of the Hon’ble Court above ...

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Payment of transaction charges allowable as business expense in commodity business

Sanjaykumar Sarabhai Patel Vs ITO (ITAT Ahmedabad)

Transaction charges paid to National Multi Commodity Exchange of India (NMCE) was clearly in the course of commodity business and thus, assessee was entitled to claim such expenditure as ‘business expenditure’....

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Receipt of share capital cannot be added when assessee filed all necessary details

Deputy Commissioner of Income Tax Vs Gyscoal Alloys Ltd. (ITAT Ahmedabad)

DCIT Vs Gyscoal Alloys Ltd. (ITAT Ahmedabad) Assessee had received share capital along with premium from its group concern and to prove the same, assessee had filed all the necessary details such as share applicants PAN card, audited accounts, income tax returns, confirmation, Demat statements, Inspectors inquiry report, copy of ledger ac...

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Bank passbook cannot be treated as books of accounts

Smt. Ramilaben B. Patel Vs ITO (ITAT Ahmedabad)

Smt. Ramilaben B. Patel Vs Income Tax Officer (ITAT Ahmedabad) This tribunal in the case of Rameshbhai Somabhai Patel vs. ITO (Supra) has held that the bank account of the assessee is not considered as part of the books of accounts.The relevant part of this order of the Tribunal is already reproduced above. From the […]...

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Penalty imposed not sustainable if Quantum Assessment itself quashed

ITO Vs Shri Anilkumar G. Darji (ITAT Ahmedabad)

Since basis for visiting assessee with penalty has been extinguished by quashing assessment order itself by Tribunal in appeal of assessee, impugned penalty imposed further had no leg to stand....

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NSEL scam bad debts: ITAT to ensure that effective inquiry is carried out by AO

Omni Lens Pvt. Ltd Vs DCIT (ITAT Ahmedabad)

Omni Lens Pvt. Ltd Vs DCIT (ITAT Ahmedabad) Where the AO failed to discharge its obligation to conduct a proper inquiry to take the matter to logical conclusion, it is also the obligation of the first appellate authority and indeed that of ITAT to have ensured that effective inquiry is carried out on the subject […]...

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Tax on Sale of land which was leased for a very long period

ACIT Vs M/s. Punjab Steel Rolling Mills (Baroda) Pvt. Ltd. (ITAT Ahmedabad)

Where assessee had transferred land owned by it to lessee for a long period but subsequently when the lessee company went into liquidation had transferred lease right, the same was taxable under the head Capital gains instead of Income from other sources because even though the land was transferred for a long period, the actual ownership ...

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