Section 155(14) provides that if any claim of TDS is left at the time of filing of income tax return and assessee subsequently comes to know of any tax deducted by a party but not informed till the date of filing of income tax return, and subsequently the said TDS is also reflected in Form 26AS, then assessee should file revised income tax return and claim TDS.
ITAT Ahmedabad held that gift items given to business associates and executives qualifies as sales promotion expenditure allowable under section 37 of the Income Tax Act.
ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same.
It is pertinent to note that to meet the emergency situation of additional expenses by the assessee the assessee has obtained cash not only from assessee’s father and mother but also the close relative i.e. the maternal uncle, maternal aunt as well as paternal uncle and paternal aunt and the said relation cannot be doubted by the Assessing Officer.
Sureshbhai Vihabhai Patel Vs ITO (ITAT Ahmedabad) There is no dispute to the fact that there is a downfall in the gross profit ratio declared by the assessee in the year under consideration in comparison to the earlier years. But the controversy arises whether the downfall in the gross profit ratio gives the authority to […]
If property is used as stock in trade then such property would become or partake the character of stock and any income from stock would be income from business and not income from property.
D.C.I.T Vs Vinodchandra Shanabhai Patel (ITAT Ahmedabad) On perusal of the profit and loss account of the assessee placed on page 29 of the paper book, we find that the assessee has shown other income of ₹1,92,78,814.00 which is representing the unaccounted stock found during the course of survey operation under section 133A of the […]
It is evident that the assessee had received cash amounts, but deposited in its Bank A/c which is in violation of the provisions contained in Section 269SS. But like any other penalty, the operation of Section 271D with reference to the violation of the provisions contained in Section 269SS also is not automatic.
Hemendra Lilachand Shah Vs ITO (ITAT Ahmedabad) ITAT noted that requirement of filing appeal before the learned CIT (A) in electronic form was new. The assessee being individual filed appeal before CIT(A) within time limit but in paper dated 18th April 2016 instead of filing online as required by the CBDT notification dated 1st March […]
ACIT Vs Shree Ami Office Owner’s Association (ITAT Ahmedabad) The issue for consideration is the year of taxability of the property. We observe that in the instant case, both the registered sale deed as well as the possession of the property was transferred in the subsequent financial year i.e. financial year 2007-08. The complete payment […]
