ITAT Ahmedabad held that consideration received by the assessee, being an entry provider, as accommodation entry cannot be taxed entirely as business income.
ITAT Ahmedabad held that investment made in gold ornaments was duly recorded in the books of accounts and also reflected in the block of assets. Hence, such investment cannot be stated to be remained unexplained.
C.C.E. & S.T. Vs Modest Infrastructure Ltd (CESTAT Ahmedabad) Whether the duty free material found during the search of the premises of M/s Modest at Warehouse- 2 can be considered as lying outside the bonded warehouse and registered premises of M/s Modest, consequently liable for payment of custom duty as proposed in the show cause […]
Kothari Brothers Vs ITO (ITAT Ahmedabad) The assessee submitted that the appeal before the CIT(A) was filed in respect of rejection of rectification application and thereby disallowance of claim for carry forward losses in revised return needs to be looked into. The original return of income for A.Y. 2007-08 was filed on 24.11.2007 declaring total […]
Umeshkuamr Harilal Shah Vs ITO (TDS) (ITAT Ahmedabad) It is undisputed fact that the assessee is not a manufacturer and the scrap which was sold by the assessee was not from the manufacturing activity. The decision of the Special Bench in case of Bharti Auto Product (supra) was observed that scrap means wasted which is […]
PCIT has given his own observation which amounts to review and change of opinion or review while exercising Section 263 is not permitted by the Income Tax Statute. Thus, the PCIT was not right in exercising Section 263 in assessee’s case.
ITAT Ahmedabad held that exemption under section 10 of the Income Tax Act not available as the said land was non-agricultural land as it failed to fulfil twin conditions for qualifying as agricultural land.
ITAT Ahmedabad assessee has duly submitted banks certificate disclaiming the existence of such bank accounts belonging to the assessee. Hence, addition of cash deposited on such non-existing bank account unsustainable
ACIT Vs ORG Informatics Limited (ITAT Ahmedabad) Assessee stated that the issue of FCCB is a Foreign Currency Bond issue and it is basically a debt instrument in the nature of loan and all issue expenses related to that are allowable as revenue expenses. This issue is not a public issue but is made to […]
ITAT Ahmedabad held that genuineness of source of purchase and sale of shares thereof remained unexplained and hence concluded that the sale of such shares were only accommodation entry and accordingly addition of entire sale consideration upheld.
