JCIT (OSD) Vs Adani Logistics Ltd. (ITAT Ahmedabad) During the course of assessment proceedings the AO observed that the appellant has incurred an amount of Rs. 6,00,00,000/- on account of legal and professional fees paid to one M/s. Emerging India Investment Advisors Pvt. Ltd. It was further found by the Ld. AO that such expenditure […]
The issue under consideration is whether remuneration paid to a partner acting in a representative capacity as karta of HUF is allowed u/s 40(b)?
In such cases, assessments can be reopened only if an income assessable to tax has escaped on account of failure of the assessee to disclose all the material facts fully and truly. In other words, the AO has to demonstrate that income of the assessee has escaped assessment on account of its failure to disclose all material facts of the assessments in its income fully and truly.
DCIT Vs Shri Ravjibhai Manibhai Patel (ITAT Ahmedabad) If an agriculture land is situated beyond 8 kms. from the local limit of any municipal or cantonment area, whose population is more than Rs.10 lakhs, then that would not fall within the ambit of definition ‘capital assets. This demarcation of the geographical situation of the land […]
The issue under consideration is whether the CIT(A) is correct in confirming the addition while treating the compensation received for relinquishment of right to sue as taxable business income & accordingly considered it as revenue receipt as against the capital receipt?
The ITAT Ahmedabad has harped upon the mechanical practices adopted by the Assessing Officers to make addition u/s 68. The moot point is that a sale which already forms part of books of account cannot be added again u/s 68 due to the reasons that Sales are already recorded in the books of accounts and the addition of the same amounts to double taxation. A prejudiced view on sale cannot be drawn when purchases are accepted without any reservation. Section 68 connotate amount credits in books of account remained unexplained need to be added. Recorded sales are not unexplained cash credits.
ITO Vs Sejal Gopalbhai Shah (ITAT Ahmedabad) The issue under consideration is whether capital gain will be taxed in the hands of general power of attorney holder with respect to land sold? ITAT states that, the assessee was just general Power of Attorney holder with respect to the lands in dispute. This fact has not […]
Dashrathbhai G. Patel Vs DCIT (ITAT Ahmedabad) Unlawful reference u/s Sec 142A in absence of tangible material and adopting FMV under different section 55A was in gross contradiction of law Conclusion: Since AO had merely issued reference to DVO under s.142A without any background or reasons and the Valuation Officer, in turn, had conferred within […]
Assessee had disclosed additional income in return filed in response to notice issued under section 153A voluntarily, hence, there could not be any penalty under Expln. 5A to section 271(1)(c) as income disclosed by assessee in pursuance to search was not based on incriminating document.
Sonal Parekh Vs ITO (ITAT Ahmedabad) The issue under consideration is whether the addition under section 69C for Bogus purchases are justified in law? In the give case, A.O. has received the information from VAT department that the assessee is dealing with Hawala dealers for some purchases and hence he has re-open the assessment. AO […]
