Deep Industries Ltd. Vs DCIT (ITAT Ahmedabad) Assessee in the present case has secured such loss with respect to the liability in foreign currency which may arise at the time of payment by way of taking of forward contract. The assessee to secure the loss on account of foreign currency fluctuation has taken a forward […]
DCIT Vs Gayatri Construction (ITAT Ahmedabad) Ld. counsel has submitted that advances were given to Ramjibhai and Company for business purpose and petrol and diesel was also purchased from them. The ld. Counsel has also contended that assessee was having interest free fund of Rs. 64,75,145/-. The ld. counsel has also placed reliance on the […]
DCIT Vs Ganesh Plantation Ltd. (ITAT Ahmadabad) AO on one hand has recorded his finding with respect to the shares of certain companies that its face value stands at ₹10 but the assessee has purchased the same at a higher value. The basis of arriving at the conclusion that the assessee has purchased the shares […]
Dimple Vishal Agrawal Vs ITO (ITAT Ahmedabad) ITAT held that assessee is entitled for depreciation at the rate of 60% of xerox machine WV-5745. The simple reason is that the ld.CI(A) failed to comprehend true nature of this asset. It has been treated as photo-state machine without going through literature of the machine supplied by […]
Menarini india P.Ltd. Vs DCIT (ITAT Ahmedabad) In the assessment proceedings, it was noticed by the AO that the assessee has claimed expenses of Rs.1,96,630/- and Rs.3,37,080/- against Tax Consultancy with Transaction Tax as “preparation of Amalgamation of MRPL with MIP” and “Lawyer fees for Merger” respectively as revenue expenses. The ld.AO sought details of […]
Stock exchange membership card was not an eligible asset u/s 32 and thus, addition made by AO on account of depreciation on the intangible asset being membership card of the stock exchange was to be deleted.
Intas Pharmaceuticals Ltd. Vs ACIT (ITAT Ahmedabad) Conclusion: Since assessee incurred expenses for providing facilities/services such as travel, accommodation and equipment to persons associated with it such as stockist, field staff, distributors and doctors and also incurred expenses towards distribution of various articles/gifts/other facilities to these persons, therefore, there did not exist any agency relationship […]
Where regular assessment for the year under consideration remained unabated as on date of search, same could not be interfered with while framing section 153A assessment, in the absence of incriminating material discovered during search.
Hitesh Ashok Vaswani Vs DCIT (ITAT Ahmedabad) The power to reopen a completed assessment under Section 147 of the Act has been bestowed on the Assessing Officer, if he has reason to believe that any income chargeable to tax has escaped assessment for any assessment year. However, this belief that income has escaped assessment has […]
Hitesh Ashok Vaswani Vs DCIT (ITAT Ahmedabad) In the present case the search information received from the investigation wing was used to form the reason to believe by the AO but without applying the mind. Thus the reasons were merely recorded on the borrowed satisfaction by the AO. The source for all the conclusions was […]
