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 […]
Saket M. Jain (HUF) Vs PCIT (ITAT Ahmedabad) In the assessment framed in the case of M/s Greenwell Orchard under section 143(3) read with section 147 of the Act has been set aside by the learned Pr. CIT under section 263 on the reasoning that the entire amount of sale proceeds is unaccounted income of […]
JCIT Vs Radhe Developers (India) Ltd. (ITAT Ahmedabad) In the case on hand, the assessee has received a sum of Rs. 3.59 crore from Shri Kanjibhai Desai which was treated as unexplained cash credit under section 68 of the Act by the AO. However, the learned CIT (A) was pleased to delete the addition made […]
Rakesh Ambalal Patel Vs ITO (ITAT Ahmedabad) We have perused the assessment order and the order of the CIT(A) as well as the materials placed on record and referred to in terms of Rule 18(6) of the Income Tax (Appellate Tribunal) Rules, 1963. On perusal, we observe that at the time of original assessment proceedings, […]
By way of present ground of CO, the Revenue intends to rake up altogether a new situation. The ld.AO did not take any action for recasting of the balance sheet by observing that expenditure debited in the work-in-progress has not been claimed in the profit & loss account.
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 […]
Swatiben Anilbhai Shah Vs DCIT (ITAT Ahmedabad) The solitary issue for adjudication on merits is whether gains arising on sale of certain quantity of shares of a company, namely, Pyramid Siamira Theatre Ltd. (PSTL) by the assessee in the relevant assessment order is required to be taxed under the head ‘capital gains’ as offered by […]
Ashok Vadilal Patel Vs ITO (ITAT Ahmedabad) The dispute between the assessee and the Revenue is, for the purpose of section 50C, which rate is to be deemed as full consideration for the sale of this property for purpose of section 48 of the Act ? According to the assessee, the rate should be adopted […]
Assessing Officer is not obliged to invoke Section 68/s.69 of the Act in every case where the explanation offered is found to be ‘unsatisfactory’ in the opinion of the Assessing Officer.
Sujay Pankajbhai Shah Vs ACIT (ITAT Ahmadabad) A bare glance of the reasons recorded gives an unflinching impression that powers exercised under section 147 of the Act was to enable the AO to carry out detailed verification of the various aspects of such matter in reference made to the AO herein by the office of […]
