The ITAT Ahmedabad in the case of Parul Bhupendra Patel vs. ITO held that reopening of the assessment on the basis of doubting certain information filed in the return of income and reopening assessment on that basis is not valid in law as AO had not obtained any new tangible material to believe that income had escaped assessment.
Since the Rule-8D of I.T.Rules, 1962 is not applicable, therefore in our considered view the AO was not justified in applying the Rule 8D for making disallowance. The ld.CIT(A) has given a finding that the assessee was having substantial funds and lesser borrowed funds.
ACIT Vs. Shri Jayantilal T. Jariwala (ITAT Ahmedabad)- In thie Case Assessing Officer found that assessee had constructed a residential house, B-3, Mamta Flats, Surat and plot No.158/21 GIDC, Pandesara, Surat. The AO was not satisfied with the cost of construction shown
Quality BPO Services Pvt Ltd, Vs ACIT (OSD) (ITAT Ahmedabad)- The issue under appeal relates to examination of the claim of assessee under section 10B of the Act at Rs.67,08,733/- which hitherto has been disallowed by the Assessing Officer and further sustained
The ITAT Ahmedabad in the case of Gemstone Glass Pvt. Ltd vs. JCIT held that when an associated enterprise is taken as comparable then CUP method cannot be adopted for determining Arm Length Price irrespective of the fact that the associated enterprise taken as comparable is resident or non-resident.
ITAT Ahmedabad held In the case of Shell Global Solutions International BV vs. ITO that as clearly stated in the MoU to the Indo US tax treaty, which stands incorporated in the Indo Dutch tax treaty as well by the virtue of MFN clause
ITAT Ahmedabad held In the case of Ashima Dyecot Limited vs. DCIT that interest on capital borrowed for plant & machinery which already has put to use for commercial production is allowed u/s 36 (1) (iii). In the given case,
The ITAT Ahmedabad in the case of Ranpariya Solanki Sukhadiya Parivar Trust vs. CIT(Exemption) held that the application made u/s 12AA cannot be rejected even a trust’s object is to function in the interest of a particular community
ITAT Ahmadabad held In the case of Adani Port & Special Economic Zone Ltd. vs. ACIT that two circumstances must exist to enable the Commissioner to exercise power of revision u/s 263, namely (i) the order is erroneous
ITAT Ahmadabad held In the case of ACIT vs. Shri Kanakkumar J. Jariwala that mere valuation report is not sufficient to conclude that the assessee has made unexplained investment. From perusal of the assessment
