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.
Assessee was justified in following exclusive method of accounting for valuation of closing stock as entire exercise was tax neutral and there was no impact on the profitability of assessee due to method of accounting followed.
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 […]
Deduction under section 10B could not be denied on the ground that the approval of STPI units of the assessee was not ratified by the Board of approvals as mandated u/s 10B.
Origins Build-Tech Pvt Ltd Vs ACIT (ITAT Ahemdabad) adjustment in respect of levy of fees under section 234E was indeed beyond the scope of permissible adjustments contemplated under section 200A. This intimation is an appealable order under section 246A(a), and, therefore, the CIT(A) ought to have examined legality of the adjustment made under this intimation in […]
Bhojison Infrastructure Pvt. Ltd Vs. ITO (ITAT Ahmedabad) We notice that the compensation was not received as a result of termination of advantages associated with development rights but was claimed to be received to relinquish the rights of the assessee to sue against the vendor of the land. The assessee has received the compensation amount […]
Origins Build-Tech Pvt Ltd Vs ACIT (ITAT Ahmedabad) Issue- The learned CIT(A)-8 is unjustified & erred in law by confirming the imposing of late filing levy by ACIT [CPC-TDS) of Rs.30800/- u/s 234E determined to be payable by processing TDS statement u/s 200A, without issuing show cause notice. The late fee u/s 234E is penal in nature […]
Swift Knit Pvt.Ltd. Vs ITO (ITAT Ahmedabad) Only arguments raised by the ld.counsel for the assessee is that, it was an inadvertent and bona fide mistake while filing the return. Question before us is, how such mistake was committed and how it could be termed as an inadvertent or bona fide mistake. In the case […]
Shri Chitrang M. Dave Vs DCIT (ITAT Ahmedabad) The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the benefit of capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be denied to a joint owner who made the total investment in the purchase of the […]
Ocean Agro (India) Ltd. Vs DCIT (ITAT Ahmedabad) A short issue before us is, whether compounding fees expended by the assessee is compensatory in nature, and allowable expenditure under section 37(1) or not. We find that Explanation 1 appended to section 37(1) of the Income Tax Act prohibits allowance of any expenditure, if it was incurred […]
