ITAT Ahmedabad held that disallowance of loss on share on mere conjecture and surmises is unsustainable as assessee duly submitted all the evidences.
ITAT Ahmedabad held that only certain percentage of alleged bogus purchases should be disallowed. Disallowance of entire alleged bogus purchase unjustified when corresponding sale of finished product has been subjected to tax.
ITAT Ahmedabad held that as per provisions of section 151(1) of the Income Tax Act reopening of assessment beyond four years period needs sanction from either Principal Chief Commissioner/ Chief Commissioner/ Principal Commissioner or Commissioner. However, sanction from Joint Commissioner in the present case makes the entire reopening proceedings bad in law.
ITAT Ahmedabad held that merely because the books of accounts have been subjected to tax audit under Section 44AB of the Act and the Auditor had certified the books of accounts to be in order, the contention made by the assessee cannot be stated to be full proof.
ITAT Ahmedabad held that reopening of assessment unsustainable in absence of nexus between material coming to the knowledge of the AO And formation of his belief of escapement of income.
ITAT Ahmedabad held that mere modus of operandi cannot the basis of making the addition or treating the transaction carried out in any share/scrip as bogus until and unless it is supported by the material documents.
ITAT in Piyushbhai Mangalbhai Patel Vs ITO has deleted the addition of Rs. 12,70,000/- observing that personal savings of government employees could not be suspected for several years.
ITAT Ahmedabad held that clause (k) of Rule 6DD specifies that where payment for expenses are made by a person to an agent who is required to make payment in cash on behalf of such person, then rigours of section 40A(3) are not applicable.
It must be grasped that judiciary is respected not on account of its power to legalize injustice on technical grounds but because it is capable of removing injustice and is expected to do so.
ACIT (Intl. Taxn) Vs Allscripts (India) Pvt. Ltd. (ITAT Ahmedabad) It is pertinent to note that Section 201(3) specifies the time limit in respect of TDS for residents only. The CIT(A) observed that the order dated 25.03.2019 is beyond four years in light of Hon’ble Delhi High Court decision in case of NHK Japan Broadcasting […]
