Dipakkumar Ishwarlal Panchal Vs ITO (ITAT Ahmedabad) Admittedly the concealment/furnishing of inaccurate particulars of income, for which act penalty under section 271(1)(c) in the present case has been levied, related to the income added as per the provisions of section 56(2)(x) of the Act. More particularly on account of the fact that actual consideration paid […]
ITAT Ahmedabad held that as per Accounting Standard 11 premium on forward exchange contracts is to be amortized as expense means writing it off as revenue expenditure in the profit and loss account.
Section 80P(2)(a)(i) Deduction is allowable when interest is derived from credit provided to its members by co-operative credit societies
Vidras India Ceramics Pvt. Ltd. Vs D.C.I.T. (ITAT Ahmedabad) The controversy that needs to be addressed so as to whether the assessee is eligible for deduction with respect to the provisions made against the trade debtors in pursuance to the explanation 1 to clause (vii) of section 36(1) of the Act. As per the explanation […]
Whether assessee can claim deduction for provision of doubtful debts without giving adjustment in individual ledger account of sundry debtors?
AO further held that to write off a debt it necessary that the debt becomes bad and irrecoverable after making effort for recovery. In the case of the assessee, from the ledger copies furnished by it, it was found that amounts form the debtor were received regularly.
Disallowance u/s 40(a)(ia) cannot be made if recipient has offered payment made by assessee as income in their hands. The Assessing Officer is directed to verify above facts and if it is found that payee has already offered above amount as income in their return of income, disallowance u/s.40(a)(ia) made by Assessing Officer would not survive.
ITAT Ahmedabad held that addition solely on the basis of investigation wing report unsustainable as onus was discharged by the assessee as PAN card and bank statements were duly submitted
Integra Engineering India Ltd. Vs ACIT (ITAT Ahmedabad) It is pertinent to note that though the assessee has stated that the intention of the assessee to give advances to its subsidiary for making capital and subsidy but the intention was to control the operation of the GTL and to oversee that the manufacturing cost of […]
JCIT Vs Shree Ganesh Construction (ITAT Ahmedabad) It is observed that even though the original receipt for payment of donation of Rs.50,000/- made to Chief Minister Kanya Kelvani Nidhi was not produced by the assessee as the same was lost or misplaced, sufficient evidence was produced by the assessee to support and substantiate its claim […]
