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ITAT Ahmedabad

Section 234E late fee is not always mandatory and can be waived

May 19, 2023 15336 Views 2 comments Print

Kanta Govind Singh Vs ACIT CPC TDS (ITAT Ahmedabad) Assessee, aged 85 years, purchased property from non-residents joint owners. TDS was deducted u/s 195 at lower rates as the sellers obtained lower tax certificates. Sale consideration was paid on 20.06.19 & TDS was also paid on the same day though assessee could have paid the […]

Income generated cannot be held bogus only based on modus operandi

May 19, 2023 1320 Views 0 comment Print

ITAT Ahmedabad held that the income generated by the assessee cannot be held bogus only based on the modus operandi. To hold income earned by the assessee as bogus, specific evidence has to be brought on record by the Revenue. In absence of any specific finding, assessee cannot be held to be guilty.

Disallowance u/s 36(1)(iii) unjustified as investments made out of interest free funds

May 17, 2023 1272 Views 0 comment Print

ITAT Ahmedabad held that when interest free funds are available with the assessee, it can be said that investments are made out of interest free funds and hence disallowance under section 36(1)(iii) of the Income Tax Act not justifiable.

Motor vehicle being a self-propelled vehicle eligible for depreciation @33.40%

May 15, 2023 1473 Views 0 comment Print

ITAT Ahmedabad held that motor vehicles qualify as self-propelled vehicles and accordingly depreciation at the rate of 33.40% available on the same.

Ex-parte order unjustified as revenue failed to carry out primary duty post non-service of notice

May 15, 2023 1935 Views 0 comment Print

ITAT Ahmedabad held that post non-service of notice, revenue failed to carry out its primary responsibility to ascertain whether the company, against which notices were issued, and proceedings under section 148 was contemplated, was existing or not. Accordingly, matter remanded to carry out fresh adjudication.

Reopening of assessment unsustainable as prerequisite for reopening beyond four years not fulfilled

May 14, 2023 2301 Views 0 comment Print

ITAT Ahmedabad held that reopening of assessment under section 147 of the Income Tax Act is unsustainable as prerequisite laid down in law for reopening of the case beyond four years is not found to be fulfilled.

Higher interest rate on unsecured loan taken for commercial expediency is admissible

May 13, 2023 1119 Views 0 comment Print

ITAT Ahmedabad held that unsecured loan taken at higher rate for commercial expediency is admissible under section 57(iii) of the Income Tax Act.

Revisional jurisdiction u/s 263 duly invoked as AO failed to examine issue of purchase of land

May 13, 2023 408 Views 0 comment Print

ITAT Ahmedabad held that revisional power under section 263 of the Income Tax Act correctly invoked as AO failed to examine the issue of purchase of land in the light of provisions of section 56(2)(vii)(b) of the Income Tax Act.

Belated Section 139(3) Return – No prohibition to adjust brought forward losses 

May 13, 2023 561 Views 0 comment Print

assessee has filed the return of income belatedly for the year under consideration but there is no prohibition to adjust the brought forward losses against the income declared belatedly in the return of income under the provision of section 139(3) of the Act.

Tax consultant not followed tax demands – ITAT restores matter to CIT(A)

May 12, 2023 3888 Views 1 comment Print

ITAT noted that tax consultant of assessee has not followed all tax demands and necessary submissions made to Revenue Authorities during pre-covid period i.e. 06.08.2019 to 14.03.2020.

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