ITAT Ahmedabad

Set off of LTCG on sale of Land against Loss on off-market sale of shares

ACIT (OSD) Vs. Deepakbhai N. Parikh (ITAT Ahmedabad)

By adopting tax planning, long-term loss on sale of shares suffered by assessee on off-market sale transactions can legitimately be adjusted against long-term capital gains on sale of land....

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Sec. 54 Cost of residential house includes cost of furniture if it forms part of house Purchase

Rajat B Mehta Vs. ITO (ITAT Ahmedabad)

It could not have been open to the authorities below to treat the payment of Rs 18,00,000 on account of furniture and fixtures on standalone basis, and thus exclude it as a separate item rather than as a cost of the residential house so purchased. In our considered view, therefore, the assessee is entitled to deduction under section 54F ...

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No disallowance for monetary benefits given to doctors before 01.08.2012

Income-tax Officer Vs. Sunflower Pharmacy (ITAT Ahemdabad)

A.O. disallowed the payment of commission made by the assessee to the above said two doctors namely (i) Dr. Ramanbhai S. Patel Rs. 17,52,130/- and (ii) Dr. Ratilal G. Patel Rs. 23,87,001/- totaling to Rs. 41,39,131/- and added to the total income u/s. 37(1) of the Act....

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Addition for Unutilized Cenvat Credit in absence of income element is ubjustified

The Deputy Commissioner of Income Tax Vs. Infinium Motors Pvt. Ltd. (ITAT Ahmedabad)

Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) comprising of Judicial Member S.S.Godara and Accountant Member Pramod Kumar has deleted the addition under the Income Tax Act in respect of unutilized CENVAT credit....

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Section 92B- Deemed international transaction- Termination of Option rights under agreement

Vodafone India Services Pvt Ltd Vs. DCIT (ITAT Ahmedabad)

Vodafone India Services Pvt Ltd Vs. DCIT (ITAT Ahmedabad)  97. The question that we really need to address ourselves to is whether the above arrangement constitutes an ‘international transaction’. However, before we do so, it is only appropriate that we take a look at the relevant definitions under the Income Tax Act, 1961. Section 9...

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Conversion of Agricultural land: Section 50C not apply to business income

The Income-tax Officer Vs. Smt. Sejal D Shah (ITAT Ahmedabad)

The ITAT bench comprising Pramod Kumar (AM) and S. S. Godara (JM) recently confirmed that the sale consideration on agricultural land after its conversion to non-agricultural Land constitutes business income and therefore, section 50C of the Income Tax Act, 1961 cannot be applicable to such cases....

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Hoarding rent-Income from house property or income from other sources?

Bimanagar Co. Op. Housing Society Ltd. Vs ITO (ITAT Ahmedabad)

This appeal, filed by the assessee, is directed against the order dated 5-12-2011, passed by the learned Commissioner (Appeals), in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2008-09....

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Penalty justified for failure to Prove Genuineness of Cash Deposits

Mrs.Ramesh K. Patel C/o. Vs ITO (ITAT Ahmedabad)

Mrs. Ramesh K. Patel C/o. Vs ITO (ITAT Ahmedabad) It is come on record that the assessee has not filed even a single satisfactory documentary or oral evidence or confirmation to the satisfaction of the lower authorities so as to prove genuineness of the above two cash deposits. We therefore quoting Hon’ble Apex Court’s judgment [&hell...

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F&O Transactions on recognized Stock Exchange cannot be treated as Speculative Transaction

Shri Dron Sureshkumar Rao Vs. ITO (ITAT Ahemdabad)

Shri Dron Sureshkumar Rao Vs. ITO (ITAT Ahemdabad) F&O business carried out through recognized stock exchange cannot be treated as speculative loss in view of the exceptions carried out under s.43(5) of the Act. As per clause(d) of first proviso to section 43(5) of the Act inserted by the Finance Act, 2005 with effect from […]...

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Business income or capital gains cannot be decided by merely looking at frequency of transaction in shares

Ankur Scientific Energy Technlogies (P) Ltd. Vs Dy. CIT (ITAT Ahmedabad)

Ankur Scientific Energy Technlogies (P) Ltd. Vs Dy. CIT (ITAT Ahmedabad)  Frequency of a transaction is one of the reasons amongst others for forming a belief whether an assessee was engaged in the business of share transactions or it was only making investment. This one factor cannot be sufficient to decide controversy conclusively. It ...

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