ITAT Ahmedabad

Section 56(2)(viib) not applies to share issue at face value to Shareholders under Amalgamation Scheme

DCIT Vs Ozone India Ltd. (ITAT Ahmedabad)

DCIT Vs Ozone India Ltd. (ITAT Ahmedabad) In the instant case, pursuant to amalgamation, all assets, liabilities, undertaking of the amalgamating company (KEPL) are agreed to be vested in the amalgamated company( the Assessee) as a going concern. The amalgamated company has issued 300 equity shares of its company at face value for each sh...

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No Section 153C addition in case no incriminating material found

ACIT Vs Himalaya Darshan Developers (Gujarat) Pvt. Ltd. (ITAT Ahmedabad)

ACIT Vs Himalaya Darshan Developers (Gujarat) Pvt. Ltd. (ITAT Ahmedabad) The question that arises for our adjudication whether the document in the form of tally and balance sheet found during the course of search is an incriminating document in nature. In our considered view such document are not an incriminating material, as such those d...

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Section 68 Addition for share capital/premium invalid if opportunity of cross-examination of witness not given

ACIT Vs El Dorado Biotech Pvt. Ltd. (ITAT Ahmedabad)

AO was duty bound to provide opportunity of cross-examination of witness, if he relied on statement of such witness to decide against assessee, particularly when it was demanded by assessee. Illegality crept in, the moment request for cross-examination was denied....

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Section 194H TDS not applicable on Expense on providing travel, accommodation to stockists, dealers & field staff by Pharma Companies

Intas Pharmaceuticals Ltd. Vs ACIT (ITAT Ahmedabad)

Intas Pharmaceuticals Ltd. Vs ACIT (ITAT Ahmedabad) Conclusion: Since assessee incurred expenses for providing facilities/services such as travel, accommodation and equipment to persons associated with it such as stockist, field staff, distributors and doctors and also incurred expenses towards distribution of various articles/gifts/other...

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Penalty cannot be imposed in every case merely because it is lawful to do so

Aagam Shares & Commodities Pvt. Ltd. vs DCIT (ITAT Ahmedabad)

Aagam Shares & Commodities Pvt. Ltd. vs DCIT (ITAT Ahmedabad) It is also well settled that penalty under s. 271(1)(c) of the Act will not be imposed in every case merely because it is lawful to do so. The penalty will not ordinarily to be imposed unless the party obliged, either acted deliberately in defiance […]...

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Foreign exchange gain/loss should be considered as part of operational income

DCIT Vs GHCL Ltd. (ITAT Ahmedabad)

DCIT Vs GHCL Ltd. (ITAT Ahmedabad) During the course of assessment, the assessee has submitted that foreign exchange gain/loss should be considered as part of operational income mainly stating that receipts/expenditures are booked at the time of transaction while conversion of payment/receipts of foreign exchange occurs at a later point o...

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ITAT allows Debit note received in Subsequent Assessment Year for difference in price

DCIT Vs Charotar Gas Sahakari Mandali Limited (ITAT Ahmedabad)

DCIT Vs Charotar Gas Sahakari Mandali Limited (ITAT Ahmedabad) Briefly stated, the assessee is a co-operative society and engaged in providing CNG Gas and purchase and sale of natural gas to domestic and commercial consumers and earns commission on CNG. In the course of the scrutiny assessment, the AO observed that a revised return was [&...

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ITAT upheld disallowance for unreconciled accommodation entries

ACIT Vs Darshanam Life Space Pvt. Ltd. (ITAT Ahmedabad)

Where  AO had estimated value of accommodation entries devoid of any documentary evidences or material, the same could not be sustained. Since in the case of the assessee the payment of Rs.6,43,406/- was considered as accommodation entries and it was noticed that assessee had not reconciled this payment with outstanding amount of Rs.7,91...

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Peak Credit Theory must be considered while treating Cash Deposit as Unexplained Cash Credits

Prakash Babu Nakundhi Krishna Reddy Vs ACIT (ITAT Bangalore)

Prakash Babu Nakundhi Krishna Reddy Vs ACIT (ITAT Bangalore) It was pointed out by the learned counsel for the Assessee that there are withdrawals and deposits in the cash book and the source of deposits can be explained by the Assessee with supporting evidence. It was submitted that it is an accepted rule that a […]...

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Reopening without bringing any fresh material on record is invalid

DCIT Vs Jateen Madanlal Gupta (ITAT Ahmedabad)

DCIT Vs Jateen Madanlal Gupta (ITAT Ahmedabad) On perusal of the reasons recorded by the AO, we find that the AO at the threshold has recorded that it is seen that the assessee is having substantial share in ‘JPIL’ which has advanced loan to the companies namely M/S Gujarat Mall Management Pvt. Ltd, and M/S […]...

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